We believe that financial education is key to arming oneself with the skills, knowledge, attitudes and [behaviors] to stay on top of money throughout life...
Bohemia, NY (PRWEB) April 19, 2013
On April 19, 2013, debt collection agency Rapid Recovery Solution offers a response to the accumulation of debt Britons have incurred over the past year. This increase in debt will most likely translate to a rise in debt collection.
According to an article on AOL Money, the amount of personal debt was raised from 1.408 trillion GBP to 1.424 trillion GBP this past year, and “individuals owed nearly as much as the entire country produced during the whole of 2012.”
Statistics released by Credit Action, a financial capability charity highlighting the increase of personal debt in Great Britain, provide appalling facts surrounding this public issue:
- £28,981: “The average amount owed per UK adult including mortgages. That's around 118% of average earnings.”
- £166 million: “The amount of interest paid every day on personal debt.”
- 5 minutes 12 seconds: “How often someone was declared bankrupt or insolvent.”
- £1,157: “The estimated amount that the [UK] government borrowed every second during February 2013.”
Michelle Highman, Chief Executive of Credit Action notes the importance of teaching financial literacy at an early age in order to instill lifelong sound financial habits. “These shocking figures demonstrate how important money management really is,” says Highman. “But we need to start young. We believe that financial education is key to arming oneself with the skills, knowledge, attitudes and [behaviors] to stay on top of money throughout life. We've reached over 50,000 young people so far in this way."
John Monderine, CEO of the collection services agency Rapid Recovery Solution, comments on these new statistics. “UK residents are digging themselves into a deep hole, as the amount of debt they are incurring is equivalent to their country’s yearly expenditure. The best way to eliminate this problem is to include financial literacy as a part of the grade school curriculum. Due to lack of education, more Britons are declaring bankruptcy and turning to debt collection in order to clear their personal debt.”
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.