(PRWEB) May 13, 2013
On May 13, 2013, John Monderine, CEO of the accounts receivable collection agency Rapid Recovery Solution, issues a comment about time-honored motherly financial advice.
According May 10 article from Fox Business, "5 Credit and Lending Lessons Your Mother was Right About," several stereotypical pieces of “motherly advice” are actually very sound financial tips. Author Adrian Nazari says that the following cliches are sage bits of financial wisdom that consumers should heed:
Lesson 1: “Time is money,” especially when you are trying to build a strong credit history. The amount of time you have had a credit history is a huge factor when calculating your credit score.
Lesson 2: “Neither a borrower nor a lender be.” Be careful when cosigning, asking someone to cosign, or lending money to a family member; their actions will affect your credit score, says Nazari.
Lesson 3: “Live well within your means.” Nazari says it’s fine to take out a loan for a house or college, as long as you plan ahead and stick to a budget and make your payments on time. “Debt— particularly secured debt — isn’t inherently bad, as long as you are smart when it comes to how much.”
Lesson 4: “Marriage is about love, divorce is about money.” If you and your ex had a joint account, you are still responsible for any debt it acquired, advises Nazari.
Lesson 5: “Take care of pennies and dollars will follow.” Always check any loans you are currently paying off for refinancing options, as they may change if your credit score has improved.
John Monderine, CEO of Rapid Recovery Solution, a leading accounts receivable collection agency, says that Mother’s Day serves as a timely reminder to heed these classic tips. “Parents’ financial views play a large part in determining how young people’s spending habits develop. Even if your mother wasn’t prone to dropping time-honored pearls of wisdom, it’s important to always remember the basics. Spend carefully, save indulgently.”
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.