The lifestyle habits as well as financial habits of young adults begin to crystallize at this point and stay with consumers for life...
Bohemia, NY (PRWEB) June 24, 2013
On June 24, 2013, John Monderine, CEO of debt collection agency Rapid Recovery Solution, commends a recent article outlining strategies for young adults to employ in order to minimize credit card debt and help pay off existing debt.
A June 17, 2013 article from [US News & World Report, “Credit-Management Tips for Recent College Graduates,” explains why the summer after graduation is an important time for recent graduates to transition into young adult life, as it is an optimal point for young adults to begin mapping out their financial future. Devising a plan to pay off credit card debt and decrease credit card use can put consumers on the right path to success.
Here are a few ways recent graduates can stay ahead of the credit curve, according to the article:
- Get a Credit Report Check: Take advantage of one of the three free credit report checks you are entitled to per year. “This is the best way for young people to assess the state of their finances,” says Monderine, “and do so from the point of view of prospective employers and lenders. Credit card companies and lending outfits will definitely look at this information, so you should too.” Consumers can rest assured that there are no errors on the report, says the article, and can notify the necessary agents to make any required changes.
- Use credit cards sparingly: Try to start anew as a recent graduate and break the habit of charging multiple expenses on a credit card. “Use cash,” says Monderine. “Cash doesn’t deceive.”
- Design a debt payoff plan: Recent graduates often have a tough time balancing credit card debt and student loan debt simultaneously. The article recommends that new grads look into loan consolidation options, which will help young people create a payoff plan based on their current income. “Budget, budget, budget,” says Monderine. “You should always have a deep understanding of your own spending habits. What trends end up with you in the red?”
- Plan out a bill payment schedule: Making credit card payments on time is crucial in maintaining good credit and establishing credit history. Set up a calendar to ensure no missed payments and pay extra attention to due dates in order to not miss any payments, which can potentially lower your credit score.
Monderine also notes that financial habits take shape and are cemented at this juncture in life. “The lifestyle habits as well as financial habits of young adults begin to crystallize at this point and stay with consumers for life. By instilling good financial habits now and devising a budgetary plan for the future, consumers will be less likely to accumulate debt and unnecessary expenses down the road.”
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.