Bohemia, NY (PRWEB) April 04, 2013
On April 4, commercial collection agency Rapid Recovery Solution issues a statement in response to an article released by BusinessJournalism.org analyzing the change in debt patterns among U.S. households.
According to the BusinessJournalism.org article, an analysis was conducted between the year 2000 and 2011 and found a shift in debt patterns. The analysis found that the number of households in debt have experienced a decrease. On the other hand, those households that are in debt have accrued greater debt. Credit card debt has experienced a drop nationwide, while debt involving medical bills and student loans has spiked. People above the age of 65 were identified as being the most probable to have higher debt.
Due to the current pattern of debt, the article states that a commercial collection agency, or similar company, would be in the best position to take advantage of these circumstances. The article cites that nearly a tenth of Americans have an account related to collections and they are typically related to medical or utility expenditures. As a result of the specific nature of the debts, specialty collection serves have spawned around collecting debt on a single type of debt.
John Monderine, CEO of Rapid Recovery Solution, makes a comment with respect to the shape debt took on over a decade. “From 2000 to 2011 a great deal of change took place as it pertains to spending habits. The latter half of that time period is when the recession really started to take hold. People were less secure in their respective places of employment and expendable income quickly disappeared. Many who suffered loss in employment had to resort to spending what money they had on necessities like medicine and utilities. Even though the nature of the debt seems to be much more unfortunate than careless spending, collections agencies identified an opportunity to specialize their operations. In the end, specializing has the potential to benefit both the debtor and the client because they are well versed in that specific area.”
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.