Bohemia, NY (PRWEB) August 24, 2013
On August 24th, RRS is endorsing a new report that proposes five common yet detrimental errors of responsible debt management.
According to an August 20 article from Fox Business titled “5 Mistakes You Make When Managing Your Debt,” Americans must remain prudent while paying off their financial commitments.The piece notes that not all debt is created equal, and each obligation should be handled differently. However, following these five general principles can be beneficial in avoiding unnecessary interest costs.
First, avoid draining any emergency funds that become vital in times of sudden financial necessity, such as medical crises. Second, planning, prioritizing and scheduling debt payments is very important and should be exercised constantly. Third, avoid getting in the habit of continually satisfying minimum payments. Doing so will simply prolong the inevitable and lead to exorbitant expenses later on. Fourth, making debt payments with alternative credit sources is always a dangerous strategy. Lastly, neglecting financial statements and periodic credit reports is to the detriment of the borrower and will certainly lead to financial hardship.
RRS CEO John Monderine contributes his perspective. “These tips are dependable guiding principles, with planning being the most essential of all. Savvy commercial collection agencies like Rapid can be extremely helpful in properly managing all types of debt.”
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.