I have a question for you. What percentage of adults in America would you guess have debts and unpaid bills in collection? 10 percent? 15 percent? 20 percent?
Wrong! More than 35 percent of Americans have debts and unpaid bills according to a study by the Urban Institute. Let that sink in for a moment. More than one of every three adults in our country has debt in collections. Imagine how that translates into unhealthy stress, tension in marriages, and a host of other challenges. About 67 percent of our nation’s economy is consumer spending, and with consumers so deeply in hock, no wonder the economy has been slow to recover from the Great Recession.
According to an Association of Credit and Collection Professionals Health survey, here are the top three types of debt in collection:
- Health care-related: 37.9 percent
- Student loan debt: 25.2 percent
- Credit card debt: 10.1 percent
So, what’s the solution to this Continue reading Debt Collections