Bohemia, NY (PRWEB) March 10, 2013
On March 10, Rapid Recovery Solution, leader in collection services, comments on the Pew Research Center’s recent findings of an overall debt reduction among young adults, following an article published in The Wall Street Journal.
The Wall Street Journal reports that “young people are racking up larger amounts of student debt than ever before, but fresh data suggest they are becoming warier of borrowing in general: Total debt among young adults dropped in the last decade to the lowest level in 15 years.” According to the Pew Research Center, a “young U.S. household” is headed by a person who is below the age of 35. The Pew Research Center reported a $3,000 decrease in younger household debt from 2001 to 2010.
In addition, young households are saving more and carrying lower credit card balances. According to the Pew Research Center, “Fifty-six percent of young families saw their debt levels decline or stabilize between 2001 and 2010.” Multiple factors impacted the debt decrease, including bankruptcies, foreclosures, and stringent conditions at banks – all of which have stymied the mortgage process for young borrowers, the article stated. In spite of these findings, student debt is at an all-time high, equaling approximately $966 billion in 2012.
John Monderine, CEO of the collection services agency Rapid Recovery Solution, commends these results. “Young adults are more aware of the economic climate so they’re being more cautious about their spending,” Monderine says. “They’re making sound decisions with the understanding that their choices could affect their fiscal futures.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.