Closing the Books: Overcoming Debt Collection Challenges in 2023

Inflation continues to be something consumers have to deal with on a very regular basis. In addition, debt is burden that people from all walks of life have to contend with. So, when it comes to both of these issues, how can debt recovery agencies manage collections, their interactions with consumers, and work within new regulations successfully?

On this episode of Closing the Books, host Gabrielle Bejarano speaks with T.J. Lee, Director of Operations at IC System. Lee wears many hats at IC System, so he knows a thing or two about debt collection challenges and how inflation has impacted collection agencies. “Coming out of the pandemic, it’s definitely been challenging. Says Lee. “(During the pandemic), people were paying down old debts because they had that disposable income to do so, but I think . . . after being cooped up for a couple years, people want to get out . . . They want to go travel, they want to have fun, they want to go to restaurants or concerts, and all that stuff costs more money, and . . . more importantly, your basic needs are costing more, too.”

This episode covers these issues and more, including:

  1. How regulation has impacted the way collection agencies work.
  2. Changes in how collection agencies interact with consumers.
  3. How IC System leverages its extensive 85 years of experience to navigate through change effectively.

Regarding how inflation changes consumer behavior, Lee added “with interest rates being higher out there for mortgages and things like that, there isn’t as much pressure for the consumers to be as concerned about their credit scores, because they’re not taking out as many loans.” In a landscape where consumers are less aware of their credit standing, collection agencies have to keep up with changing habits and adapt to new regulations as they get implemented.

T.J. Lee is the Director of Operations at IC System. Having been at the company for over nine years, he was previously a Supervisor and Operations Manager at IC System. He received his Bachelor of Business Administration from North Dakota State University.

Recent Episodes

career paths
View episode

In this episode of The Apple One Podcast’s Career Paths series, host Brett Howroyd speaks with Damon Polioudakis, a computational biologist dedicated to developing therapies for genetic diseases. Damon shares insights into the diverse roles within the science ecosystem, from lab work and data analysis to regulatory and business functions. He emphasizes that careers in…

status
View episode

In a world of rapidly advancing technology and global interconnectedness, the internet has reshaped how we view culture, art, and our own social identities. The rise of large language models (LLMs) and social media has made information and trends accessible in a way that some argue dulls originality and stifles creativity. This shift has…

creative expression
View episode

Creative expression is more than a trending concept; it fosters the resilience needed to navigate the unpredictable paths of success. The idea of ‘failing fast’ and learning from trial and error is essential. In a culture where instant gratification is prevalent, the research underscores the value of persistent effort. Studies show that individuals with…