NEW YORK (CNNMoney)
July 29, 2014
Americans have a debt problem.
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.