Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/29/2014 (1 year 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 (1 year 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'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Business & Economics

ECONOMIC DISASTER LOOMS: Wave of bankruptcies threaten global stability Watch

Image of A leading monetary theorist, William White says that the

By Catholic Online (CALIFORNIA NETWORK)

Waves of bankruptcies worldwide will severely test the world's economic and social stability, Swiss-based chair William White warns. A leading monetary theorist, White says that the "situation is worse than it was in 2007. Our macroeconomic ammunition to fight ... continue reading


Here's what they're really talking about at Davos -- it's not what they want you to think Watch

Image of The world economy is about to tank, or so it seems from the talk at Davos.

By David Drudge (CALIFORNIA NETWORK)

The agenda for Davos is about the future, and is intended to be optimistic, but discussion between the attendees is worrisome as they focus on serious, near-term financial threats. The world economy is on the brink and there are few tools left to fight recession. LOS ... continue reading


GRIM FORECAST: What jobs will be lost in the next FIVE years? A new report has shocking bad news for YOU Watch

Image of The Fourth Industrial Revolution will create a lot of casualties. How are we to cope?

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

A new paper released ahead of the World Economic Forum in Davos predicts that women in particular are at serious risk of losing their jobs within the next several years due to the emergence of new technology. The changes in the marketplace will hit wealthy countries ... continue reading


Retail giant Wal-Mart closing 269 stores in U.S. and Brazil Watch

Image of Of the closures announced Friday, 154 locations will be in the U.S., including the company's 102 smallest-format stores called Wal-Mart Express.

By Catholic Online (CALIFORNIA NETWORK)

Wal-Mart, the uncontested retail giant is just as susceptible to the difficulties of market demands as anybody else is. Wal-Mart has announced that it will be closing 269 markets in both the United States and Brail, the latter the result of a souring economy. ... continue reading


More than $5,000 in taxes collected for every U.S. worker - government still IN DEFICIT Watch

Image of There were 147,439,000 people employed in the United States in December 2014.

By Catholic Online (CALIFORNIA NETWORK)

In what should come as no surprise - tax revenue generated for the first three months of fiscal 2016 -- October through December of 2015 - set an all time record. This did not translate in a reduction of the federal deficit. The Internal revenue Service ... continue reading


U.S. economy to suffer because of China collapse Watch

Image of Chinese markets slid on Thursday, forcing a shutdown.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Another day of losses has hit markets around the globe, starting with a slide so fast and so deep in the Chinese markets that trading was halted. The ripples of the Chinese collapse are being felt around the world with U.S. markets dropping at least 1 percent. LOS ... continue reading


World's richest will meet in Davos, to decide how best to DISPOSE of you Watch

Image of The language of the forum is very benevolent, but make no mistake, the people gathering there don't have your best interest in mind. If they did, the world would be a much different place --and they wouldn't need snipers.

By Marshall Connolly, Catholic Online (THE CALIFORNIA NETWORK)

The Davos men are coming, and guess what's on their agenda? How they will carve up the new world created by the Fourth Industrial Revolution. LOS ANGELES, CA (California Network) - Known formally as the World Economic Forum, the annual meeting of the world's most ... continue reading


NOT-SO FUNNY MONEY: Weird currency in Israel collages American $100 bills with jihadist leaders Watch

Image of Israeli police are investigating the origin of the bills, which was being sent for a forensic analysis.

By Catholic Online (CALIFORNIA NETWORK)

Odd "play money" that collages the American $100 bill with photos of jihadist group leaders have been discovered in northern Israel. Discovered in the northern Israeli town of Sde Eliezer, authorities are stumped to the bills' origin and purpose. LOS ANGELES, ... continue reading


Greedy CEO loses $500 million in failing Obamacare investment Watch

Image of The CEO of United Healthcare invested in ObamaCare last year and will reportedly lose $500 million

By Kenya Sinclair (CALIFORNIA NETWORK)

In 2014, United Healthcare CEO Stephen Hemsley invested in ObamaCare. Today, he realized the decision would cost an estimated $500,000,000 over the next two years. LOS ANGELES, CA (Catholic Online) - By investing in ObamaCare, United Healthcare was able to lower ... continue reading


Three BILLION barrels of excess oil available now - but is this a good thing? Watch

Image of Inflated inventories and oil wealth has spread globally, from the United States to the developed economies of Europe, and now China, according to the agency.

By Catholic Online (CALIFORNIA NETWORK)

With the price of gas comfortably lower than $3 a gallon at many gas pumps across the land, consumers are enjoying a price break. The reason behind this windfall is largely because there are now more than three billion barrels of excess oil in the world. This ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Stations of the Cross - Series HD Video
  • 10 important things to consider during Lent
  • Daily Readings for Tuesday, February 09, 2016
  • MAKE YOURSELF COUNT! Complete this quick Ash Wednesday survey
  • Can you answer these four challenging questions about Lent?
  • St. Apollonia: Saint of the Day for Tuesday, February 09, 2016
  • Daily Reading for Tuesday, February 9th, 2016 HD Video

Daily Readings

Reading 1, First Kings 8:22-23, 27-30
22 Then, in the presence of the whole assembly of Israel, Solomon stood ... Read More

Psalm, Psalms 84:3, 4, 5, 10, 11
3 Even the sparrow has found a home, the swallow a nest to place its ... Read More

Gospel, Mark 7:1-13
1 The Pharisees and some of the scribes who had come from Jerusalem ... Read More

Saint of the Day

Saint of the Day for February 9th, 2016 Image

St. Apollonia
February 9: St. Apollonia, who died in the year 249, was ... Read More