Collector - March 2018 - 30


Born: 1946-1964
Advantages: Good work ethic; strong
communication skills
Challenges: Poor financial literacy skills;
still financially supporting adult children

Communicating with this group
through traditional techniques (letters
and telephone calls) often remains the
most convenient and acceptable, although
a recent study by Visa indicates that many
members of this generation have moved
to current technologies for buying and
paying bills.
According to a survey from the National
Endowment for Financial Education, 59
percent of baby boomers who are parents
are financially supporting their children
ages 18-39. There are several potential
reasons for this, such as the high student
loan levels and a difficult job market for
recent college graduates.
Needing to maximize retirement savings,
many baby boomers have delayed retirement
to achieve those goals, while also trying to
maintain their existing spending patterns,
according to the Visa economic study.

Born: 1965-1979
Advantages: Highly
educated; work to live
Challenges: Skeptical
of institutions; little or
no equity available to
resolve unexpected debt

Born: 1980 to 2000
Advantages: Techsavvy; focused on
building good credit
Challenges: Respond
poorly to authority;
just as eager to spend
as they are to earn


The first generation that is not expected to
do as well financially as their parents, Gen
Xers were born between 1965 and 1979.
Individuals from this group are highly
educated and much more tech-savvy than
their predecessors, but also skeptical of
institutions (i.e., creditors) and have a
strong sense of entitlement. While many are
considered cautious and savers, GenXers
work to live and see money as a "means to
an end." Preferred communication methods
for these individuals are cell phones and
reaching out anywhere besides at home.
GenXers have a national average debt
of $88,313 per adult, including mortgages,
according to an AARP study. The study notes
that on average Generation X has $4,000 in
credit card debt, however credit reporting
agency Experian puts the average amount
even higher: $6,752.
Because this generation's consumers are
well into the "house and kids" phase of life,
according to Fiscal Tiger, combined with
the knowledge that most GenXers obtained
their first credit card by age 24, many of
these consumers are highly reliant on plastic,
with little or no equity available to resolve
unexpected debt. Many were also caught up

in the bursting of the real estate bubble and
economic downturn in 2008.
This consumer group is highly represented
in having both auto and personal loans.
According to a Gallup study, while 33
percent of consumers have auto loans,
GenXers lead in this segment with 46
percent carrying auto loan debt. This
generation also contributed to the initial
wave of consumers who took out large
student loans to pay for their college
education. With an average of $30,000 in
student loan debt, this group owes as much
as millennials coming straight out of college.
If their own desires for financial success
have not created a separate set of payment
issues, many Generation X members are
also caught in the middle of caring for both
children and aging parents, which adds to
their financial burdens. That's in part why
their personal debts may be reduced by
smaller-than-adequate amounts and lead to
potential delinquencies.

Probably the best-known generation,
millennials grew up in a sheltered
environment as their parents tried to
protect their children, born 1980 to 2000,
from the perceived evils of the world.
Considered the most educated generation,
millennials are extremely tech-savvy and
well-versed in using digital tools to find and
maintain their credit status.
Millennials are eager to earn and then
spend their money and want to see results
for their efforts "now." As a result, this
generation generally responds poorly to
authority and needs a structured process to
achieve those results.
While there are compliance issues
and concerns with using email, text
and voicemail messaging, these are the
preferred communications tools for
reaching out to millennials.
As a result, one can understand why more
than one-third of millennials surveyed by
the financial advice website Credible said
that the over $1 trillion in credit card debt
held by Americans was the most scary
aspect of their lives, exceeding dying and



Table of Contents for the Digital Edition of Collector - March 2018

From the Editor
Industry News
Best Practices
Collection Tips
Enriching the Diversity Conversation
A New Take on Skiptracing
Collecting From Different Generations
Honor Roll
Are You an ACA Professional Collection Specialist?
Understanding the Credit Reporting Landscape
An Inside Look at ACA’s Judicial Advocacy Efforts
Break It Down
ACA Files Amicus Brief with Court of Appeals in Case Combatting TCPA Abuse
ACA SearchPoint
Last Word
Collector - March 2018 - Cover1
Collector - March 2018 - Cover2
Collector - March 2018 - 1
Collector - March 2018 - 2
Collector - March 2018 - 3
Collector - March 2018 - From the Editor
Collector - March 2018 - 5
Collector - March 2018 - Industry News
Collector - March 2018 - 7
Collector - March 2018 - 8
Collector - March 2018 - 9
Collector - March 2018 - Best Practices
Collector - March 2018 - 11
Collector - March 2018 - FYI
Collector - March 2018 - 13
Collector - March 2018 - Collection Tips
Collector - March 2018 - 15
Collector - March 2018 - Enriching the Diversity Conversation
Collector - March 2018 - 17
Collector - March 2018 - 18
Collector - March 2018 - 19
Collector - March 2018 - 20
Collector - March 2018 - 21
Collector - March 2018 - 22
Collector - March 2018 - 23
Collector - March 2018 - A New Take on Skiptracing
Collector - March 2018 - 25
Collector - March 2018 - 26
Collector - March 2018 - 27
Collector - March 2018 - Collecting From Different Generations
Collector - March 2018 - 29
Collector - March 2018 - 30
Collector - March 2018 - 31
Collector - March 2018 - Calendar
Collector - March 2018 - Honor Roll
Collector - March 2018 - Are You an ACA Professional Collection Specialist?
Collector - March 2018 - 35
Collector - March 2018 - Understanding the Credit Reporting Landscape
Collector - March 2018 - 37
Collector - March 2018 - An Inside Look at ACA’s Judicial Advocacy Efforts
Collector - March 2018 - 39
Collector - March 2018 - Break It Down
Collector - March 2018 - 41
Collector - March 2018 - ACA Files Amicus Brief with Court of Appeals in Case Combatting TCPA Abuse
Collector - March 2018 - 43
Collector - March 2018 - Compliance
Collector - March 2018 - 45
Collector - March 2018 - ACA SearchPoint
Collector - March 2018 - 47
Collector - March 2018 - Last Word
Collector - March 2018 - Cover3
Collector - March 2018 - Cover4