Collection Services Agency, Rapid Recovery Solution, Warns Young People About the “Debt Treadmill”

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Following reports that the average unemployment numbers released last month fell far short of economists' expectations, Rapid Recovery Solution offers a comment.

On April 14, Rapid Recovery Solution issued a response to the recently-released March, 2013 unemployment numbers, advising young people to carefully consider their strategy when planning for college or preparing to enter the job market.

According to a recent article from MSNBC, the U.S. gained “far fewer jobs” than expected in March, as reflected by the unemployment numbers released a week ago. Economists had been predicting a net gain of almost 200,000 jobs last month, reports the article, but reports show that the actual average was under 90,000.

This has resulted in a fairly claustrophobic job market, says the article, and the toll is greatest for young people, especially those just graduating from college.

“They are not getting those first jobs where you get specific skills and become more valuable over time,” explains professor Peter Morici of Smith School of Business explained. “Among the younger people, what we are doing is creating a debtors’ prison. They can’t get rid of the debt they’re taking on because the way they’re dealing with high unemployment is to go back to school and borrow money to live. It’s a terrible system.”

Morici advises that the economy is currently most hospitable to graduates with “specific job skills. […] [T]he big problem is everyone wants their child to go to a liberal institution like Williams College and study sociology and go to law school,” he said. “Well, guess what the biggest surplus we have right now is: lawyers.”

John Monderine, CEO of the collection services agency Rapid Recovery Solution, says the debt treadmill is posing a real problem for people entering the job market. “It's important that young people – and their parents – understand the reality of the current economic climate. Kids are setting themselves up for a rough time when they enter their college lives under the misapprehension that a humanities degree will make it easy for them to step into a career when they graduate. Understanding what kinds of jobs the country is creating is part of responsible career planning. Leaving college to find that you're useless to employers without a continually escalating series of academic degrees is a pretty hard blow in this economy.”

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.

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