When to Turn to a Debt Collection Agency

Feeling anxious about getting the money you’re owed before the new year?

Once a debt reaches 90-120 days past due, it’s more important than ever to enlist the help of a debt collection agency. By 120 days, the collection rate has gone down to nearly half of what it should be. As you’re squaring away the books to have a clean financial start to the new year, make sure to catalog the age of any debt you’re owed, and don’t wait to reach out to a debt collection company to get the money you’re owed in the most efficient way possible.

Greet the New Year with a Debt Collection Agency

You should enjoy the holidays without the stress of chasing down debt. The expert debt collectors at RSD specialize in using an efficient but friendly approach. To get started, call (248) 370-8160 or submit a contact form here. 

How the Age of Debt Affects Collection Rates

Still waiting on payments for debts owed from earlier in 2023?

Everyone wants a clean slate at the beginning of 2024! That’s why the end of the year is an important time to clean up delinquent accounts. As we’ve mentioned in previous blogs, the best time to contact a debt collection agency to get maximum recovery is 60-90 days within the invoice due date. The older a debt is, the harder it is to get the full return. Here’s the general breakdown of how the age of the debt affects the collection rate:

• At Due Date: 94.9% collection rate
• After 30 Days: 89.9%
• 60 Days: 81.3%
• 90 Days: 69.6%
• 6 Months: 52.1%
• 9 Months: 39.1%
• 1 Year: 22.8%
• 2 Years: 9.3%

Let a Debt Collection Agency Recover Old Debt

You should enjoy the holidays without the stress of chasing down debt. The expert debt collectors at RSD specialize in using an efficient but friendly approach. To get started, call (248) 370-8160 or submit a contact form here.