For the Chinese, 2013 will be the year of the Snake. For Americans, it will be the year of the Consumer.
Why? There is a new sheriff in town and he carries a big stick. The sheriff’s name is Richard Cordray, Director of the Consumer Financial Protection Bureau, and he is going to shake things up.
And there will be big changes to look out for, including a vigorous crackdown on abusive debt collectors; changes in the way credit reports are prepared and used; continued focus on reforming the mortgage loan market; finding a solution to a crisis in student debt financing; and a review of how banks charge overdraft fees.
As the CFPB begins its crackdown on collection agencies in 2013 I’m confident they will find more than a few that are in violation of the Fair Debt Collections Practices Act. Facing steep fines and business models that are no longer effective, many will disappear altogether.
Steven Covey, recognized as one of Time Magazines 25 most influential Americans and author of the #1 most influential business book of the twentieth century ” The 7 Habits of Highly Effective People” has repeatedly said to always “Begin With The End In Mind.”
As the debt collection landscape becomes vastly different in the coming years, those who had the foresight to see the coming changes and align themselves properly will thrive.
Do Good and Make Money!