...However, I hope that many Americans have learned a lot about the fragility of the economy from the Great Recession.
Bohemia, NY (PRWEB) September 17, 2013
Rapid Recovery Solution, Inc. is reviewing a fresh set of statistics that denote overall improvement in notable financial areas.
According to a September16 article from Yahoo! Finance titled “The Long Lehman Hangover, In Numbers,”the American economy is distinctly healthier than it was in 2008. Although median household income has not fully recovered in the five years since the Great Recession, a number of key financial metrics reveal comprehensive improvements, many relating to consumer debt.
To start, the average 30-year mortgage rate has decreased from 6 percent to 4.5 percent, giving Americans more buying power when purchasing real estate. Banks and consumers are also becoming more responsible in their mortgage lending and borrowing practices, as home foreclosures have dropped from .2 percent to .1 percent. Furthermore, the consumer confidence index has surged 20 points from 61.4 in 2008 to 81.5 in 2013. Add to these figures the $16.1 trillion in total household net worth that was generated in that span and the economic outlook becomes even brighter.
John Monderine, CEO of Rapid Recovery Solution, proposes his insight. “Even a basic examination of national finances over the past 5 years reveals a general upward trend, but these numbers are certainly encouraging to see. As a collection services expert, low interest mortgages and increased consumer spending power signals to me a growing economy.” Monderine continues. “However, I hope that many Americans have learned a lot about the fragility of the economy from the Great Recession. Banks should not blindly issue loans and consumers should avoid reckless spending at the first sight of improvement.”
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.