In part because of the stock market's stellar performance, actual and perceived wealth is soaring. The feeling of wealth has caused many people to loosen their purse strings. We owe a lot, but we also have a lot of cash. The people with the debt are not necessarily those with the assets. Rather than writing off the debt or beating your head against the proverbial wall, consider bringing in a third-party collector.
Collectors specialize in collecting past due accounts owed to others.
While collectors are traditionally referred to as collection agencies, the term now includes specialized law firms. With law firms being added to the picture, you now have a broader choice when selecting a third-party collector for your business. Choosing a Law Firm or Agency. Choosing a collector requires careful consideration. Some state law prohibits businesses from retaining collectors who have a history of violating the debt collection laws.