Debt Collection Experts Rapid Recovery Solution Comments on Rising U.S. Public and Private Debt

Share Article

After a recent article in The New York Times discussed the matter of “debt and what it does and doesn't signify,” John Monderine of commercial collections agency Rapid Recovery Solution issues a response.

On April 6, 2013, Rapid Recovery Solution comments on the rising rate of public and private debt as discussed by Paul Krugman in The New York Times.

Krugman points out in his recent piece, “Thinking Straight About Debt,” that the rising rate of debt in relation to GDP since 1980 is seen by some experts “as evidence that we have been on a vast spending [spree], living far beyond our means and leaving us with no choice except a drastic reduction in spending. After all, debt is about 200 percent of GDP higher than it was before 1980. Isn’t this a giant burden on the nation?”

The article continues by commenting on the nature of the debt: Krugman asserts that although America has “moved from being a net creditor to being a net debtor” and run up multiple trade deficits, the situation isn't as alarming as it seems because the debt is largely reflective of “a surge in money Americans owe to other Americans.” He suggests that the problem is really with “excessive leverage,” which is distinct from the nation being deeply “in hock to some external player or players.”

John Monderine, CEO of the New York-based collection agency Rapid Recovery Solution, remarks that this is indeed an important point for consumers to understand. “It's important that people are able to conceptualize the big picture in a way that lets them understand how their actions affect their own fiscal lives and that of the national and global economies,” says Monderine. “Krugman and others argue about whether or not the rise of public and private debt means that we are overspending as a nation. Individuals can do a lot by being financially responsible and managing their spending with the long-term in mind. Avoiding longstanding debts and keeping your credit score in good standing has benefits that reach beyond you as an individual.”

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.


Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website