Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/29/2014 (11 months ago)

Catholic Online (www.catholic.org)

Credit card bills, child support, and parking tickets - it's all adding up

Some call it the American way, and it's become a most uncomfortable fact of life for many Americans. Personal debt is at an all-time high, and at least one in three Americans, 77 million people, have had their debt referred to collection agencies as a result.

One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

One in three American adults are so far behind in personal debt that many of their accounts have been referred to collections.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/29/2014 (11 months ago)

Published in Business & Economics

Keywords: Indebtedness, credit cards, personal debt, credit reports, collections


LOS ANGELES, CA (Catholic Online) - According to a new report by the Urban Institute study, an examination of non-mortgage debt, including credit card bills, car loans, medical bills, child support payments and even unpaid parking tickets have many U.S. citizens over the barrel.

Debt in many collection accounts ranged from as little as $25 to a whopping $125,000. Overall, the average amount of debt owed was $5,200. These figures proved true for all area of America.

SAVE Iraqi Christians from Genocide --

The state of Nevada had the highest percentage of residents with debt in collections at 47 percent, as well as the highest average amount owed, $7,198. That was helped in part by the Las Vegas metro area, where 49 percent of residents had debt in collections.

The state of North Dakota had the lowest percentage of residents with debt in collections at just 19 percent, while the District of Columbia had the lowest average dollar amount owed per person at $3,547.

The American southern states had the highest percentage of people, as high as 44 percent in some parts, while the Northeast had the lowest at less than 30 percent.

And among the 100 largest metropolitan areas, Minneapolis-St. Paul had the lowest percentage of residents with debt in collections at 20 percent, while McAllen, Texas claimed the highest percentage at 51 percent.

For a credit card debt, bills generally remain unpaid for six months before they are referred to collections. Time varies for other unpaid debts, such as parking tickets and medical bills.

Once an unpaid debt is in collections, it can follow one of three courses, according to the Urban Institute report. The creditor can charge it off and sell it to a debt buyer, put the account into default or seek to collect what's owed through an in-house department or a third-party debt collector. In either case, the cost to the consumer is high and long-lasting.

"[It] can harm credit scores, which can tip employers' hiring decisions, restrict access to mortgages, and even increase insurance costs," Caroline Ratcliffe, a senior fellow at the Urban Institute says.

The case can stay on your credit report for up to even years even if you've paid off the debt and lower your credit score for years.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for June 2015
Universal:
That immigrants and refugees may find welcome and respect in the countries to which they come.
Evangelization: That the personal encounter with Jesus may arouse in many young people the desire to offer their own lives in priesthood or consecrated life.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

'Enough with all the rules' firework industry calls out to Obama Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

This year, more states have allowed people to buy pyrotechnic materials, such as sparklers and Roman Candles. In fact, this year has been wonderful for fireworks manufacturers, since the projected 2015 sales of celebratory explosives are estimated to top $1 billion. ... continue reading


Whole Foods accused of greatly overcharging customers Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

Whole Foods, the American foods supermarket chain that specializes in organic goods, has been accused of massive overcharging. The New York City Department of Consumer Affairs explained they have discovered "systematic overcharging for pre-packaged foods" at the city's ... continue reading


Strange and powerful 'boat swallowing' vortex appears in Lake Texoma Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

A strange, giant vortex, estimated to be around 8-feet in diameter, has appeared in Lake Texoma. This occurrence is surprising and perhaps threatening. However, there is an explanation. MUNTUNLUPA, PHILIPPINES (Catholic Online) - Lake Texoma is known as one of the ... continue reading


Is it time to stash money under mattress? 'It's time to hold physical cash,' fund manager says Watch

Image of Ian Spreadbury declined to predict the exact trigger but said it was more likely to happen in the next five years rather than 10.

By Catholic Online (NEWS CONSORTIUM)

Is it time to cash your paycheck and then stick it into a hatbox for a rainy day? According to British fund manager Ian Spreadbury, who invests more than £4 billion of investors' money is gravely concerned that a "systemic event" could rock markets. The upset ... continue reading


In spite of strong showing, Ron Paul predicts Apocalypse on Wall Street Watch

Image of Ron Paul has predicted economic doomsday previously. As stocks continue to make new highs, he remains just as convicted as ever that there

By Catholic Online (NEWS CONSORTIUM)

Things seem to be on an even keel right now but according to former Representative Ron Paul, the Federal Reserve's easy money policies have left stocks and bonds are on the verge of a massive collapse. LOS ANGELES, CA (Catholic Online) - "I am utterly amazed at ... continue reading


The U.S. public is asked - Which woman do YOU want to see on the new $10 bill? Watch

Image of The new $10 bill will also include a

By Catholic Online (NEWS CONSORTIUM)

It's a question being posed to the American public... which American woman do they want to see on the new $10 bill? The revamped $10 bill will go into effect in the year 2020. U.S. Treasury Secretary Jack Lew wants the next generation of U.S. currency to ... continue reading


Who gave them the right to freeze the national debt? Watch

Image of Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was planning to declare a

By Catholic Online (NEWS CONSORTIUM)

There is such a thing as taking a "bull by the horns," but one wonders who granted them this extraordinary power. Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner and other congressional leaders in March that informed them that he was ... continue reading


Denied for faith: Arizona man allegedly rejected from job for being an 'obese Christian' Watch

Image of

By Talia Ramos (NEWS CONSORTIUM)

After being rejected from a job at a web hosting company, a man received an email that allegedly had an attachment where he learned the reasons why he wasn't accepted. According to his statements, he was rejected because of his faith and his weight, as stated in the ... continue reading


'We're in for a huge change in society,' billionaire Cartier owner declares Watch

Image of Nicknamed

By Catholic Online (NEWS CONSORTIUM)

Johann Rupert, the executive chair of luxury brand company Richemont in South Africa has a sobering view of the future. Making billions peddling Cartier jewelry and Chloe fashion, Rupert says that the tension between the rich and poor is set to escalate as ... continue reading


14 years after 9/11, One World Trade Center lacks the bustle of the old Twin Towers Watch

Image of The new One World Trade Center lacks the bustle of the old, with a third of its office space remaining empty.

By Matt Waterson (NEWS CONSORTIUM)

Following the aftermath of the September 2001 attacks in New York, Larry Silverstein, the property developer who had bought the lease to the World Trade Center for more than $3 billion, vowed he would rebuild. LOS ANGELES, CA (Catholic Online) - Almost a decade ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Genesis 28:10-22
10 Jacob left Beersheba and set out for ... Read More

Psalm, Psalms 91:1-2, 3-4, 14-15
1 You who live in the secret place of Elyon, spend ... Read More

Gospel, Matthew 9:18-26
18 While he was speaking to them, suddenly one of the ... Read More

Saint of the Day

Saint of the Day for July 6th, 2015 Image

St. Maria Goretti
July 6: Born in Corinaldo, Ancona, Italy, on October 16 1890; her ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter