Cinco de Mayo: A Holiday With Ties to Debt Collection

Cinco de Mayo: A Holiday With Ties to Debt Collection

Foreign holidays seem to take on a life of their own in the U.S., which makes sense. This is a country of immigrants.

There’s St. Patrick’s Day, on which Americans seem compelled to pack the local pubs, but is actually a religious occasion in Ireland. And there is Cinco de Mayo, the Mexican holiday that celebrates the Mexican Army’s improbable victory over the French in the Battle of Puebla during the Franco-Mexican War (1861-67).

Cinco de Mayo is widely celebrated in the U.S., particularly in Chicago, Denver, Portland, Oregon and, oddly enough, St. Paul, Minnesota, each of which, according to CNN, host massive festivals celebrating Mexican pride.

How Cinco de Mayo Relates to Payments

Debt collection has evolved into a massive industry in the U.S.

It was also one of the triggers that started the Franco-Mexican War in 1861. Prior to the war, Mexico had been embroiled in the Mexican-American War and the Reform War, sort of a civil war between the country’s liberals and conservatives.

Those two wars left Mexico badly in debt and, following the Reform War, President Benito Juarez announced a two-year moratorium from paying off debts to several countries: Great Britain, Spain and France.

Neither country was having it, and all three sent forces to Mexico to collect (the Consumer Finance Protection Bureau might take issue with that tactic today). Eventually, Spain and Great Britain settled with Mexico, but France saw the refusal to pay as a chance to impose and build its presence in Mexico, hence, the start of the Franco-Mexican War.

Debt Collection Merchant Accounts with Instabill

Although the industries of debt collection and consolidation are tricky ones for which to obtain payment solutions, Instabill has payment options – even for purchased debt (with processing history). Our merchant account experts are on hand for free advice and our application process is quick and easy.

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