Bohemia, NY (PRWEB) March 30, 2013
On March 30, 2013, Rapid Recovery Solution releases a statement following a Credit.com article claiming that people with a credit rating of fair have been paying back more credit card debt over the recent years.
According to the Credit.com article, the recent financial downturn has caused millions of consumers to change the way they think about borrowing money. Many have turned to trying to cut their credit card debt because of the high interest rates credit cards can charge. According to new data from the credit scoring Bureau FICO, more people who simply have fair credit are paying off their credit card debts.
The article goes on to mention how consumers with a credit score between 300 and 599, and whose standings are considered poor, were the most active in cutting their debt. Those within the range of 600 to 719 remained the same with their debt. However, those with a rating of 720 to 799 added an average of around $400 in debt within the last two years, while only managing to cut about $100 prior to that.
The article states that, “These changes came even as lenders significantly reduced credit limits for all borrowers during and immediately following the recession. Since that time, however, limits have once again begun to grow for all but those with the lowest ratings.”
John Monderine, CEO of the New York-based collection agency Rapid Recovery Solution, releases a statement on the recent credit score report. “People are really becoming more aware of how their debt can add up. It’s great to see how people who lower credit scores are moving toward repaying their debts, and taking steps to ensure they don't end up in the red.”
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.