By Roger Lai, TrueAccord’s Head of Analytics.
Tax Season in Debt Collection
Tax season is to debt collection as holiday season is to retail. According to the National Retail Federation, of the 66% of consumers who are expecting a tax refund this year, 35.5% plan to spend their refund on paying down debt. For this reason, mid-February through May is considered the most productive time of the year for debt collection by many in the industry.