The talk of recession is now escalating to a deafening roar. But, we may not even be close to seeing the worst yet. If you are in the debt settlement business you have a tsunami headed your way.
Credit Card Debt Next Crisis
Credit card debt is the backroom “card game” that financial markets don’t want to talk about yet. However, the problem is already at historical levels. It is only a matter of time before thousands of consumers get squeezed by lost jobs, higher costs, declining home values, and begin to feel the full weight of their revolving consumer credit.
Americans have now accumulated over $970 billion, nearly $1 trillion in credit card debt. This is a massive number considering total outstanding mortgage debt is $11 trillion.
So what is the alarm over? Mortgages are financed at 6-8 percent and are secured with an asset, but still came crashing down on consumers and financial markets. Imagine what is in store for this $1 trillion dollars of debt financed at 13-25% and is unsecured. The crisis is only a matter of time.
Start Working Debt Leads Now
For that reason it is important to start thinking about your customers now. Create a marketing plan that reaches out to these target customers early. The earlier you talk to them the more likely you are to have a compelling solution.
More than likely your potential clients are already inquiring about alternatives to help ease their debt burden.
There are 3 easy and affordable ways to reach these clients early:
- Dig into your past client database and do a check-up
- Revisit past prospects that passed on your debt settlement solution
- Buy aged debt leads to get immediate, motivated debt customers
2009 is shaping up to be a banner year for debt settlement. Jump start your opportunities early by moving your debt leads marketing program into action in the last weeks of 2008.
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(photo credit: The TruthAbout…)
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