Booming business: Debt collections …

According to an Urban Institute study, more than 35 percent of Americans have debts and unpaid bills that have been handed over to collection agencies.

The unpaid bills include credit cards, hospital bills, mortgages, auto loans, student loans, gym membership fees or cellphone contracts.

 

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Here are some interesting factoids …

 

  • The collections industry employs 140,000 workers who recover $50 billion each year.
  • The average debt being chased by collectors is $5,178.
  • The delinquent debt is overwhelmingly concentrated in Southern and Western states.).
  • In McAllen, Texas, more than half of the population has debt in collections, more than anywhere else in the United States.
  • Almost half of Las Vegas residents have debt in collections.
  • About 1 in 5 Minneapolis residents have debts in collection … that’s the lowest metro area rate.

#HomaFiles

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