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The Nation of Addicts
You know I’ve been open about my own struggles with addiction. But the truth is, we’re a nation of addicts. Over 131 million American adults—that’s 66% of the adult population—are on prescription drugs. To put that in perspective, the U.S. makes up 4.23% of the world’s population, yet we consume 40% of the world’s prescription drugs. Seriously China, it might be time to invade. We’ll probably just assume it’s a hallucination from all the drugs…
And that’s not even touching on illegal drugs. I can walk into a half dozen shops in my town and legally buy psychedelic mushrooms. The point is, pretty much everyone is addicted to something these days.
We’re addicted to spending too. We Americans love our stuff, don’t we! Credit card debt continues to soar to staggering levels. Americans now collectively owe $1.13 trillion on their credit cards, a 5% jump since just last quarter, according to the Federal Reserve Bank of New York. Delinquency rates have skyrocketed too, especially among young millennials.
So why am I telling you all this? What’s the relevance to you?
- Your past clients are fertile ground you need to cultivate. Their financial situation today is likely very different than a year ago.
- With debt spiraling, many past clients desperately need your help but don’t know how to ask or admit it.
- As a professional loan officer, you offer solutions—debt consolidation, cash-out refinancing. Loans clients may not like but desperately need.
- The most important loan you can write is the one your client hates—the debt consolidation loan that saves their home before it’s too late.
- You must reach out to past clients immediately if you want to help. Their financial health depends on it.
Unlike a fun purchase loan or rate refinance, no one likes a debt consolidation loan. But that is precisely the lifeline many of your past clients need right now. Are you willing to write the loans clients don’t want in order to rescue them? That’s what separates the professional from the amateur loan officer. Debt is swelling across this nation of addicts. For the sake of your past clients, reach out now before it’s too late.
