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"Believing in yourself is an attitude."

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"Winners never quit and quitters never win."   Vince Lombardi

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"Knowing yourself is the beginning of all wisdom."  Aristotle

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"Success attracts success and failure attracts failure because of the law of harmonious attraction."  Dale Carnegie

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"Those who are quick to see their limitations generally are slow in seeing their opportunities."  Napoleon Hill

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"Discipline is the bridge between goals and accomplishment."  Jim Rohn

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"In the arena of human life, the honors and rewards fall to those who show their good qualities in action."   Aristotle

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"An ounce of performance is worth pounds of promises." Mae West

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“You may never know what results come of your actions, but if you do nothing, there will be no results.”    Mahatma Ghandi

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"Quality is doing it right when no one is looking.”

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"In this day and age, knowledge alone is not power, results are."

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"Mistakes are the portals of discovery."  Christopher Columbus

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"When you change the way you look at things, the things you look at change."    Dwayne Dyer

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"Opportunity will not interest itself in the person who isn’t interested in it."  Napoleon Hill

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"You don't get paid by the hour. You get paid for the value you bring to the hour.   Jim Rohn

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"Experience is not what happens to a man; it is what a man does with what happens to him."   Aldous Huxley

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“All men by nature desire knowledge.”   Aristolte

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"We are handicapped by what we think we can't do"  Mark Twain

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"Life has many different chapters; One bad chapter doesn't mean it's the end of the book."  Zig Ziglar

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"Every day is a new beginning – never forget that."  Napoleon Hill

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"Turn your stumbling blocks into stepping stones."

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"The expression of the face is shown in the mirror. Soul is reflected in conversations."  Democritus

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"You can do it, if you believe you can."   Napoleon Hill

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"A small loan makes a debtor, a great one,a partner." Publius Syrus

Why the Collection Business is Finished: Can Anyone Collect Anymore?

Back in the day before the FCRA, collection agencies could do whatever they wanted to induce debtors to pay what they owed.  Archaic laws in some states, prevent claw-back, replevin and till taps.  Once you issue credit good luck if you do not get paid.

An owner of a collection agency told me a judge in Civil Court, New York County stated to the agency's client:  "Sir, when you go into business and give credit to others you can expect not to be paid by some".

Between that attitude from the court, the Regulators, FCRA, FDCPA, CFPB, GLBA and who knows what is next, people know they only have to pay if they want to.

Other notable events are box stores which cause many small businesses to close and of course eCommerce requiring payment before acquisition have dented the collection business. Commercial collectors are hurting the most because of these events.

Over-regulation and the new CFPB will ultimately cease collection activity, thereby driving businesses and credit grantors to stop issuing credit.

"Allowance for doubtful account" and "bad debt expense" will be so significant it could upset our tax system.  Thereby making extension of credit impossible it will cause lenders to simply write off bad debt rather than waste time and money attempting to collect what is due and owing.

The net result is a stagnating economy with stunted growth. Without liquidity economies can't function. 

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"I was smart enough to go through any door that opened."  Joan Rivers

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"The people who are crazy enough to change the world, do."  Steve Jobs

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"There are many who know many things, yet are lacking in wisdom."  Democritus

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"Opportunity lets you put your foot inside the door of success, but it doesn’t break the door down for you."  Moraji R Desai

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“Your attitude, not your aptitude, will determine your altitude.”  Zig Ziglar

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"The best way to predict your future is to create it."

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"The point is not in the fullness of knowledge, but the fullness of understanding."  Democritus

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"The future is purchased by the present."  Samuel Johnson

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“Remember that failure is an event, not a person.”    Zig Ziglar

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"The only people who never fail are those who never try."   Galileo

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"The only limit to our realization of tomorrow will be our doubts of today. Let us move forward with strong and active faith."   FDR

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"If you focus on results, you will never change. If you focus on change, you will get results."  Sun Tzu

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"Losers quit when they fail. Winners fail until they win"

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"A positive mind finds a way it can be done. A negative mind looks for all the ways it can’t be done." Napoleon Hill

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"Fear has two meanings: Forget Everything And Run or Face Everything And Rise. The choice is yours"  Zig Ziglar

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"A problem is an opportunity to learn a new strategy."   Susan Nash

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"You can make positive deposits in your own economy every day by reading and listening to positive, life changing content, and by associating with encouraging and hope building people."  Zig Ziglar

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"You are today where your thoughts have brought you; you will be tomorrow where your thoughts take you."  James Allen

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“Your future depends on what you do today."    Mahatma Gandhi

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"The greatest part of our happiness or misery depends on our dispositions and not our circumstances."  George Washington 

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"It doesn't matter if the glass is half empty or half full, be grateful that you have a glass, and there is something in it."    Friedrich von Schiller

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"Be thankful for the bad things in your life. For they opened your eyes  to the good things you weren't paying attention to before." Euripides

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"You can think your way into or out of almost any circumstance, good or bad."   Napoleon Hill

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"We may have all come on different ships, but we're in the same boat now."  Martin Luther King

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"There are only two rules for being successful; one, figure out exactly what you want to do, and two, do it."  Mario Cuomo

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"What the New Year brings to you will depend a great deal on what you bring to the New Year." Franklin D Roosevelt