Bohemia, NY (PRWEB) December 01, 2013
Rapid Recovery Solution, Inc. expands upon list of suggestions for indebted consumers.
According to a November 26 article from Fox Business titled “Setting Priorities: Retirement Savings, vs. Paying Down Debt,”financial relief can only be achieved after establishing and adhering to a hierarchical set of actions. Acclaimed financial consultant Dave Ramsey stresses the importance of emergency funds for all Americans and recommends $1,000 be put aside immediately. Then, consumers must rid themselves of all outstanding debt burdens, mortgages excluded. New investments should also be put on hold.
Ramsey’s third step to prosperity involves building upon that emergency fund. It should now match the total of three to six months of household expenses. Once that it accomplished, an individual should begin investing 15 percent of income into a retirement account, often via contributions to a 401(k). Fifth, children’s college accounts could begin to grow, followed by aggressive mortgage payments to finally rid oneself of his/her most substantial debt. Lastly, a consumer could truly build and share wealth once all the previous necessities have been satisfied.
John Monderine, CEO of collection agency Rapid Recovery Solution, offers his suggestions. “Each one of these steps could be monumental by themselves, as families are simply retaining less disposable income in today’s recovering economy. While Mr. Ramsey’s steps are certainly effective, there are other variables to financial management that he did not address.” Monderine continues. “When managing several forms of debt, it is often most advantageous to pay off those that carry the highest interest fees first. Over time, this method could save a family a significant amount of money. Also, consumers should almost always fight the urge to make payments on existing debt with credit cards, which often spirals out of control before too long.”
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.