After a hard year in 2011 many predict an even tougher year ahead. With increasing pressure on personal incomes, people are having to economise further in order to get by, with a significant minority seeing debts as a none priority item. This has led to an increase pressure on collection rates. This is set to continue with inflation running at 4.8% and wages remaining stagnant across many industries.
This said a recent Plimsoll report has shown that in some areas of the collections market there is still significant growth. A small number of collection firms have added 25% to the size of their business over the past year. It would seem they have done this through being innovative in their approach to collections and trace, through adopting cutting edge collection strategies and investing in technologies to help improve their market knowledge and insight.
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