Bohemia, NY (PRWEB) December 13, 2012
On December 13, 2012, collection agency Rapid Recovery Solution released a statement following a Delaware Online article regarding student loan debt collection targeted for overhaul in a U.S. bill.
According to the Delaware Online article, “Congress will consider overhauling debt collection in the $100 billion-a-year U.S. student loan program, replacing it with automatic withdrawals from borrowers’ paychecks tied to their income — a system used in the U.K.”
The article states that the bill is being considered due to the concern that there are $1 trillion in outstanding student loan debts. According to Wisconsin Republic Rep. Tom Petri, “This doesn’t mean leaving taxpayers on the hook if a student borrows too much — everyone would still pay back what they borrow under this system.”
The article informs that, “Since the money would be withdrawn automatically and tied to income, borrowers would no longer have to negotiate with collectors and loan-servicing companies, which often offer a confusing array of deferral and forbearance options after a job loss or illness.”
John Monderine, CEO of collection agency Rapid Recovery Solution, expressed his thoughts on the news. “This could be good legislation to pass to help reduce the massive amount of student loan debts in the UK,” says Monderine. “The fact that student loan debt has passed credit card debt is astonishing and needs to be fixed.”
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.