ABC News has just published a very timely review on the state of debt and debt collections in America.

More than 35% of Americans are in some for of Debt Collection Action.

Debt Collection Florida
Empty Pockets

Debt’s in the hands of Debt Collectors averaged just over $5,100

The Percentage of Americans in some form of collections has remained fairly steady, while the size of credit card debt has actually declined.

Credit Card Debt as a percentage of income, has reached its lowest level 10 years.

Only 2.44% of all credit cards are overdue by more than 30 days, as opposed to a 15 year average of almost 4%.

If the amount of credit card debt is being handled much better by Americans in general, why is it that better than 1 in 3 American’s are still in collections.

The answer to that seems to lie in that American income has not really grown, and that expensive credit card debt is being taken care if instead of other debt.  Gym contracts, Cell Phone Contracts, mortgages, Auto Loans seem to be taking a back seat to managing credit cards.

Perhaps this is a good thing, perhaps not.  The American Psyche seems to be saying, Credit Cards cost me more, I will pay them first, and perhaps as that debt gets more and more controlled, the population will be able to turn to their other debts with the same diligence.

Real income needs to grow to resolve our massive debt crisis.

The article showed that most debt collections are focussed here, in the Southern States.

The Florida Debt Collection Law Firm of Marcadis, Singer, PA have also noticed a shift in the demand for debt collections, away from institutional credit card lenders, and towards other industries.

Clearwater Debt Collection Attorney

Close Popup

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Close Popup
Share This