Bohemia, NY (PRWEB) October 03, 2013
Rapid Recovery Solution, Inc. extends sound advice on credit card use to indebted college students.
According to an October 2 article from Daily Finance titled “Which Credit Card Should You Get for Your College Student,” student loan debt does not spell the end for credit card qualifications, and neither does a lack of credit history. Parents may be reluctant to empower their children with plastic, but this could effectively prevent them from building a credit score and investing in durable goods upon graduating. The key is the choose a card that offers reasonable spending limits with modest interest rates, all with the ultimate goal of building credit.
One option for students is a secured card, often through a credit union, which functions in much the same way as a debt card and sets a spending limit based on collateral. Young adults need not worry about accompanying fees with this choice, but should make sure the credit union provides payment histories to all three credit reporting agencies. According to the article, a savvier option is to co-sign with a parent on a new or existing credit card. This avenue would enable parents to closely monitor the spending practices of their child, as well as share their positive payment histories among the whole family.
John Monderine, CEO of Rapid Recovery Solution, endorses these suggestions. “Consumer and commercial collection agencies consistently remind clients of the importance of credit building. The earlier an individual begins the process, the better. Monderine continues. “As the article points out, parents and their children are often hesitant to do this, but responsible credit card be hugely beneficial down the road.”
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.