Receivables Performance Management | Common Reasons People Go into Debt
Receivables Performance Management | Reasons People Go into Debt
Sometimes, going into debt can seem like it’s not even a choice. You’ve probably heard someone say the expression, “life happens,” and usually that comes in the form of an emergency – which, essentially, means something that emerges out of the blue and without warning.
Receivables Performance Management specializes in such occasions. We help our clients manage and settle outstanding debts in an ethical way without ever losing sight of the human element in what we do.
Today we’d like to run through some the of the most common ways that folks go into debt. Read on to learn some of the situations that happen most frequently, that way you might be able to avoid debt traps in the future. Educating our client base and readership about debt and the effects of debt is an important part of what we do.
You May Have Lost Your Job
Going into debt can be an inevitability. Even if you have a savings and you lose your job, savings can quickly deplete, and then you’re taking on debt just to make ends meet.
Cost of medication, surgery, copays, it can all add up – and that’s even if you’re fortunate enough to have insurance. Without insurance, emergencies can end up getting costly… fast. So many people end up incurring debt as a result.
However, luckily, medical debt cannot be listed on a credit report, at least.
Gaming / Betting
It’s another unfortunate reality that some folks are more prone be acquiring a gambling problem than others. Online gambling is something that we’ve only begun to experience, but it’s even more lethal than sports pages and casinos. People with severe problems can end up giving up their mortgages, their life savings, not to mention going into debt – all without even leaving their living room.
Attorney fees, settling of possessions, separating 401ks – divorce is about as expensive as it gets.
You hear some people joke about how their money goes in their hand and out – just like that. However, a person mismanaging their money and living outside of their means is nothing to joke about. Making a monthly budget and sticking to it is a good way to make sure that you hold onto your money for what really matters.
Lack of Insurance
We mentioned it above, but we should mention it again. Lack of insurance can span across multiple facets of your life. Home, life, car, medical – not having any one of these will cost a person dearly in the event of an emergency. Making sure that you’re fully insured in all of these aspects is also important, because we all know how insurance companies like to skimp out when it comes time to pay up.
Financial burden is no laughing matter and we don’t treat it as such. That’s why when we collect, Receivables Performance Management reviews uses ethical practices. We’re here to help our clients settle outstanding debt without ever forgetting that there’s another person on the other end. If you have a debt that you want paid and to be over with, contact us today for an interview and we’ll go over your options.