Collections and the bottom line: What debt collection agencies can do for you

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According to award-winning agency Brennan & Clark, debt collection agencies specialize in collecting delinquent debts on behalf of their clients, debts which are usually 60 days past due at the least. And often, the results are positive.

For today's blog, Brennan & Clark reviews some of the benefits companies can reap from hiring a third-party debt collection agency.

First off, debt collection agencies such as Brennan & Clark specialize in various kinds of debt. Depending on their strategies, some agencies are more likely to zero in on debts that have been delinquent for a shorter amount of time or a smaller amount of money.

These agencies also remit to their clients collected debt from credit card debt, medical debt, automobile loan debt, business debt, student loan debt, personal loan debt, and unpaid cell phone and utility bills. Typically, clients pay 25 to 45% of the amount to debt collection agencies.

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Furthermore, debt collection agencies are incredibly well-versed with the laws that govern debt collection. For instance, they know that the statute of limitations varies by state, and a reputable collection agency will follow those rules to the letter. This means clients won't have to worry about any legal repercussions.

In certain situations where debt collection agencies and companies have to deal with difficult debtors, agencies know how to negotiate settlements with customers and pursue legal action if debtors refuse to pay at all.

Brennan and Clark is a business collection agency that has been operating since 1980. A member of the Commercial Collection Agencies of America, the firm offers unparalleled service and the industry's most comprehensive guarantee. For more informative reads on business debt collection, follow this Twitter page.

A practical guide to ending debt in 2021

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Paying off debt is a good goal to have in 2021. Despite all the challenges during the past year, working towards financial stability is doable with the right strategies. The team at Brennan & Clark shares some tips for ending and managing debt this year.

Go for auto-debit options

Instead of having to take out the amount needed for debt settlement every payday, one can spare themselves the stress by signing up for auto-debit transactions. This will also allow debtors to send the payment on time and to make sure that the amount will be used to finish their debt.

Do the snowball method

This method involves paying off the debt with the smallest amount first while making minimum payments for larger accounts. After finishing the smallest debt, one can move on to the next one until all are completed. According to the team at Brennan & Clark, this strategy might be helpful to many, as seeing debts settled one by one will motivate them to keep on paying until they attain financial freedom.

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Know where to use cash windfalls

Bonuses and extra income should be used wisely. Instead of putting all in savings or using the extra cash to buy something luxurious, one should first consider their debts. While it's understandable to use some of the money for personal use, one should set aside a reasonable amount that will go to debt payment.

Brennan & Clark is a business collections firm that has been operating for over 30 years. The experience and expertise of its staff enable the company to guarantee higher recovery rates than the industry average. For similar reads, visit this blog.