Debt remains one of the most common issues facing American adults today.
Troubles rarely end after a hospital visit or bounced check. Debt can creep up out of nowhere, stacking higher the longer it’s not paid and leaving many without viable options in the foreseeable future. Collection software shares some responsibility for why this situation is getting out of control. Lost paperwork and inaccurate filings affect everyone up and down the ladder, from employees attempting to help every individual to the best of their ability to students trying to pay their debt off. Put simply, the debt collection system needs an overhaul.
Student loan management software and bank loan software might hold the answer.
The state of debt today is reaching astronomical figures. This is due in no small part to all the unique forms debt can take, including medical bills, credit card debt, student loan debt, homeownership debt, and business debt. A recent study revealed outstanding consumer debt is expected to reach a record high of $4 trillion once 2018 comes to a close. Additional surveys have shown American consumers owe around 25% of their income each year to paying debt off. It’s all collection solutions can do to keep pace.
Software is designed to simplify a complex process. It provides specific shorthands for certain tasks, allowing businesses to save time and money with little effort. The global enterprise software market is expected to exceed $500 billion once 2022 arrives, lead by both North America and Europe. Unfortunately, many are still unaware of the resources available. A study analyzing the state of American workers found 75% confessing they still don’t have access to the latest efficiency-boosting technology.
Failing to streamline the debt process wastes time and keeps debt a problem. Work overload is widely considered to be a serious problem around the country, defined as employees afraid they don’t have enough time to complete their job in the time allotted. According to data provided by the U.S. Bureau Of Labor Statistics, employee productivity has grown by less than 1% a year from 2011 to 2016. When employees are spending more time wrestling with outdated software they’re losing out on valuable opportunities to provide people with the debt relief they need.
It doesn’t matter if it’s case and point legal software or student loan management software. Better technology is needed to provide people with the means of finally getting out of their debt situation for good. Many companies today, thanks to recent studies, find 50% or less of their desired user base adopting new enterprise software. Inefficient software can include versions incompatible with recent operating systems, ‘one-size-fits-all’ programming that doesn’t address unique issues, and glitches. Just a few small changes can spell success for thousands of frustrated Americans.
Slowly, but surely, the benefits of student loan management software is becoming better understood. According to research by Contegix nearly 50% of companies are actively planning on increasing their spending on software designed to improve customer service. They are also putting forth significant effort on virtual help desk initiatives so both employees and customers are on the same page when it comes to terminology, scheduling, and payment options. Debt may take some time yet to resolve, but software is clearly holding the answer.
Dynamic recovery services are more necessary than ever. Student loan management software is key to providing Americans relief and businesses with growth.