Top Hardship Policy Options for Customers in Financial Distress

As student loan forgiveness programs shift, the debt collections industry anticipates a surge in financially distressed consumers. This blog explores adaptable hardship policy options.

As student loan forgiveness programs phase out some consumers will experience financial distress and the number of accounts being worked in the debt collections industry will increase. And, given all the other macroeconomic triggers being tripped, solutions for consumers in financial distress must be in your lineup to help consumers in hardship cases.

It’s crucial for collections operations to adopt policies that prioritize helping customers navigate financial difficulties while ensuring compliance with relevant regulations and guidelines. Additionally, transparent and empathetic communication will help establish trust and find mutually beneficial solutions.