There has been plenty of complaints about social media platforms like TikTok dispelling some crazy myths and strategies for consumers to try and get out of paying a debt, but maybe it can help consumers get out of debt, too. Could you see instructing your collectors to suggest opening up a TikTok account as a means of getting a consumer to raise money to repay a debt? A growing number of consumers are doing just that, according to an article published by Rolling Stone.
The pressures of the American healthcare system are driving some consumers to get creative in paying off their medical debt. Rather than turning to traditional crowdfunding sites like GoFundMe, a number of individuals are now using TikTok to raise money. Take Alexis Pruitt, for example. Her TikTok video featuring a dance party with her kids has gone viral, generating 6.3 million views and about $2,500 in income through TikTok’s Creator Rewards Program. This income allowed her to pay off several medical bills for her young son, Elijah, who suffers from complex health conditions.
The TikTok Creator Rewards Program allows eligible users — those with more than 10,000 followers and a minimum of 100,000 views in the previous 30 days — to earn money based on views. For many, it’s an alternative to direct donations, as viewers support creators by simply interacting with their videos.
Financially strapped consumers are turning to TikTok to cover essential costs. The emotional appeal, combined with the entertainment factor of TikTok, provides a platform where viewers feel connected to the creator’s story and can help without spending their own money directly.
For those in the credit and collection industry, this trend raises an interesting question: Could TikTok or similar platforms become an avenue for consumers to generate income to pay off their debts beyond medical costs? Should collectors consider suggesting that consumers use creative content strategies to help ease their financial burdens? It’s unconventional, certainly, but as more consumers embrace these platforms to help cover their bills, it might be worth paying attention to how social media can intersect with debt repayment strategies.
