10 States Struggling with Delinquent Debt

[unhappycamper]

http://247wallst.com/special-report/2014/08/13/10-states-struggling-with-delinquent-debt/

10 States Struggling with Delinquent Debt
By Alexander E.M. Hess, Thomas C. Frohlich and Alexander Kent
August 13, 2014 4:28 am EDT

Financial distress, or difficulty meeting debt obligations, is a daily part of life for many Americans, and for some, the lenders have come calling. More than one third of Americans with credit histories faced debt collections in 2013, according to a recent report from the Urban Institute.

Nearly 50% of Nevadans with a credit history had debt in collections as of 2013, the highest percentage in the nation. On average, these residents had $7,198 of debt in collections, defined as being at least 180 days past due, also the most in the nation. By comparison, 35% of Americans had debt in collection, with an average delinquent debt of $5,178.

While having debt in collection can be a problem, taking on debt that can be repaid is not necessarily bad. Caroline Ratcliffe, a senior fellow at the Urban Institute and an author of the report, noted that buying a home, starting a business, or investing in education are productive kinds of debt that allow people to grow their assets.

Yet, for residents who fall behind, debt can become a burden. Since the recession, Americans have focused on paying off debt. The amount of standing consumer debt fell by over a trillion dollars, from $12.7 trillion to $11.2 trillion, between 2009 and September 2013. However, the Urban Institute’s report found that the percentage of people with debt in collections remained effectively unchanged from 2004 levels.

[Tuesday Afternoon]

1. The Ten States in order =

1. Nevada
2. South Carolina
3. Texas
4. Mississippi
5. Louisiana
6. Georgia
7. Kentucky
8. Alabama
9. West Virginia
10. Florida

[westerebus]

2. Same people claiming there's a war on their religion...

Vote consistently for the right wing... wonder if there's a correlation?