With Mary’s guidance, individuals are able to harness the power of their words and thoughts to create a life of greater alignment. Through the practices in her book, she teaches how to connect and develop greater empathy and understanding. With focused intentions, people take steps toward their financial and life goals, while using debt responsibly.
Debt is like a boogeyman to many people, and few people want to talk openly about it. The dreaded debt collector is often portrayed as a bully who shames and intimidates the borrower into repayment. We need more intimate lending, where the loan does not create an awkward wall between the lender and borrower.
What would debt collection look like in a more intimate economy?
Mary’s innovative approaches to debt collection are effective because they connect with the borrower as a human and validate their emotions. Her company increased collection rates 33% in the first year of implementation. Ten years later, she is seen as a leader in the field. Her company receives no complaints or lawsuits common in the industry, because they respect an individual’s dignity. Clearly, shaming people to repay their debts is ineffective and detrimental. She says, “The most important way to motivate someone to repay their debt is to help them feel a sense of accomplishment.”
We discuss the generational challenges and perspectives regarding debt. As an economist, I look for meaning in the numbers, and I have found that increasing burdens of debt in America are not just a result of outlandish lifestyles. The rapid growth in medical, housing and educational costs are dwarfing income growth, making it challenging for many families to afford the American dream without leaning on credit cards and loans.
We discuss whether or not a student-loan debt is a good decision, and we explore some of the dangers of credit-card debt. Taking on debt to cover the gap between income and expenses is a short-term fix with costly long-term effects.
Given this new perspective, next time you are given the opportunity to borrow money, consider its long-term effect on your finance health. Mary says, “You’re always one choice away from completely changing your life.”
Listen in to this episode and get the insider perspective from someone who has had countless conversations about the significance of debt.
Mary Shores is the owner and founder of Midstate Collection Solutions, Inc., one of the most unique collection agencies in the country. Recognized as a leader of innovative thought, she has spent over a decade teaching businesses and individuals how to inspire others, create new ways of thinking, identify their goals, and take action to create meaningful results. She is the revolutionary founder of the groundbreaking Conscious Communications system. Mary travels across the nation giving lectures and teaching courses and has been featured on local and national radio and television shows, podcasts, and blogs. To learn more, visit www.MaryShores.com.