An estimated 1 in 3 adults with a credit history -- or 77 million people -- are so far behind on some of their debt payments that their account has been put "in collections."
That's a key finding from a new Urban Institute study.
It examined non-mortgage debt, including credit card bills, car loans, medical bills, child support payments and even parking tickets.
The debt in collections ranged from as little as $25 to a whopping $125,000. But the average amount owed was $5,200.
Geographically, no area of the country is untouched.
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3 comments:
This is true, I got lots of debt in collections.($4800) A lawyer told me to never acknowledge the debt. and your off the hook. Never start a conversation with the collection person, never answer their bills, or letters. They go away. Mine have. AND, I just bought a brand new pickup truck and my interest is only 5%, so my credit is not hurt that bad.
7:38. And I bet you are one of the folks around here always complaining about folks getting free handouts. What do you think you're doing? All of us have to pay for bad debt in the form of higher prices. Instead of going out and buying Brand New Pickups, how about paying off your debt first. What a disgusting mentality and a pretty rotten lawyer too.
All lawyers are rotten, why do you think they are hated so much. Plus this is why all of the scum in Washington are lawyers!
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