Can you say double dip recession?

Nobody wants to revisit 2009 again. In 2010 and 2011 we started to see some improvement in the economy and a rise in consumer confidence. That being stated, unemployment still hovers around 10% with no real signs of improvement. In addition, the real estate market is poised to take another dump when the major banks are forced to re-value their real estate portfolios at the end of the year. We have truly not taken our lumps yet. If you don't believe me, drive through your neighborhood and look for houses and commercial properties with overgrown grass. They are just sitting there. No "For Sale" signs. What does this mean for collections? 2012 could be another 2009. Of course, the presidential election could delay, once more, the inevitable. In addition, our politicians on both sides are singing songs from "ANNIE". In order for us to really improve our economy, we need to have a real bottom, banks need to take their write-offs (some will fail) and then the market will adjust. In collections, this means taking a more conservative approach, working with your customers on longer term payment plans, increasing automatic billing and collection options and tying debt to more secure loan agreements if possible. also, don't wait too long to place accounts for collection. Time is of the essence. What do you think?