Recovery firm Johnson, Morgan & White (JMW) reminds business debt holders that the holidays are often a boon for more than just retail sales. Many businesses see much of their annual profits coming in during this time of year and are more willing to work with recovery efforts.
Johnson, Morgan & White CEO and President Robert G. Cooper says that consumer spending the trickle-down effect it has on many businesses, not just those in retail and supply, can mean a higher likelihood of debt recovery this time of year.
“Many businesses have had a rough year this year,” says Cooper. “A slow economic recovery, lackluster consumer spending, and political strife have all been bitter pills to swallow for many businesses in Boca Raton, Florida, and the nation. The good news is that the holiday season is often when many business, from retail to supply to services and more, will see big income spikes. This can mean a good chance for debt recovery as those businesses try to clean the slate for the new year.”
Last year, Johnson, Morgan & White collections were up, despite a less amenable economic outlook, and speed of recovery – the time from first contact by a collector and payment – was nearly double in the fourth quarter.
“Most creditors can expect a higher chance of recovery this time of year,” says Cooper. “It is, however, a delicate process and outstanding debt that has not been collected can often be better serviced by a discreet, professional third party. This often saves business relationships and speeds up collection times.”
The holidays aren’t just a time to celebrate with friends and family, they can also be a time to lift the worries of debt and look forward to a new year.
Via EPR Network
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