CenSin Posted July 29, 2014 Share #1 Posted July 29, 2014 More than a third of the country is in trouble when it comes to paying debts on time; 35% of Americans have debt in collections, according to a study out Tuesday from the Urban Institute, which analyzed the credit files of 7 million Americans. That means the debt is so far past due that the account has been closed and placed in collections. This typically happens after the bill hasn't been paid for 180 days. It also means the debt has been reported to credit bureaus and can affect someone's credit score. Southern states especially stand out with the highest concentration of people delinquent. In 13 states — Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Texas, Nevada, New Mexico and West Virginia — and Washington, D.C., more than 40% of the population with a credit file has debt in collections.Read more: Source Link to comment Share on other sites More sharing options...
Tokkemon Posted July 29, 2014 Share #2 Posted July 29, 2014 I saw this and its nuts. Doesn't surprise me though. Sometimes just to live you have to incur debt. Its a darn shame too. So many lives destroyed because economics can't help people in need. Link to comment Share on other sites More sharing options...
CenSin Posted July 29, 2014 Author Share #3 Posted July 29, 2014 I have a feeling that this is the residual effect of previous rampant predatory lending. 5-10 years isn't enough to get out of a hold so deep and wide. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted July 29, 2014 Share #4 Posted July 29, 2014 What's surprising is that places where it's cheaper to live, people have higher amounts of debt. Crazy... Link to comment Share on other sites More sharing options...
realizm Posted July 29, 2014 Share #5 Posted July 29, 2014 What's surprising is that places where it's cheaper to live, people have higher amounts of debt. Crazy... I think a possible reason is because people out of state rely on travel by car and pay mortages. Car maintainance, insurance, utility bills, and mortgages prompts people to rely on credit cards many times and risk defaulting on payments. Unlike New York where most of us live in condos or apartments with an excellent public transportation system That could be the problem. I've seen this happen to one of my relatives living out of NYS where public transportation is non-existant. Anyway thats just a theory partly from experience. So far my credit line score isnt too bad so Id better watch out if I apply for new credit cards. I just had to put my student loans on deferment since I am coming back to college in a month. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted July 29, 2014 Share #6 Posted July 29, 2014 I think a possible reason is because people out of state rely on travel by car and pay mortages. Car maintainance, insurance, utility bills, and mortgages prompts people to rely on credit cards many times and risk defaulting on payments. Unlike New York where most of us live in condos or apartments with an excellent public transportation system That could be the problem. I've seen this happen to one of my relatives living out of NYS where public transportation is non-existant. Anyway thats just a theory partly from experience. So far my credit line score isnt too bad so Id better watch out if I apply for new credit cards. I just had to put my student loans on deferment since I am coming back to college in a month. Could be that and too many people trying to keep up with the Joneses too. It's amazing how much people care about appearances. Link to comment Share on other sites More sharing options...
realizm Posted July 29, 2014 Share #7 Posted July 29, 2014 Could be that and too many people trying to keep up with the Joneses too. It's amazing how much people care about appearances. Thats true. No point trying to make a showy display of living if you cant afford it. That's how it goes with a materialistic consumerist society. Personally as a student working part time I dont try to live beyond my means. Because I cant afford to default on my loans. But alot of people try to make payments by credit card carelessly instead of budgeting and saving their money carefully. With my paychecks I always make sure I put some in the bank and dont touch it as I cut back on daily spending. You never know when emergencies may happen, been through grevious financial crisises enough to relearn how to spend wisely. Thankfully my bad credit has been repaired so I can go ahead with credit cards again which I will hold only for dire emergencies. Link to comment Share on other sites More sharing options...
CenSin Posted August 2, 2014 Author Share #8 Posted August 2, 2014 I went around Google Images looking at electoral maps, and apparently I can't find any visual link between red/blue states and debt load. Still, I think one can find it ironic that Republican states both bear the brunt of the delinquency problem and have lower average debt. Link to comment Share on other sites More sharing options...
B35 via Church Posted August 2, 2014 Share #9 Posted August 2, 2014 Credit Cards.... The unlimited source of money (or so it's believed to me by the naive & foolish).... I'm surprised that the percentages aren't higher, to tell the truth.... Could be that and too many people trying to keep up with the Joneses too. It's amazing how much people care about appearances. Yeah, that's all the f*** it is.... Materialism. Link to comment Share on other sites More sharing options...
realizm Posted August 2, 2014 Share #10 Posted August 2, 2014 Man Id better be careful with my fiances then. Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted August 2, 2014 Share #11 Posted August 2, 2014 Credit Cards.... The unlimited source of money (or so it's believed to me by the naive & foolish).... I'm surprised that the percentages aren't higher, to tell the truth.... Yeah, that's all the f*** it is.... Materialism. I'm telling you... Walking around in Midtown you would never know that people are still suffering... Everyone is spending money and living the life, or at least that's the impression that I get. Link to comment Share on other sites More sharing options...
B35 via Church Posted August 2, 2014 Share #12 Posted August 2, 2014 I'm telling you... Walking around in Midtown you would never know that people are still suffering... Everyone is spending money and living the life, or at least that's the impression that I get. Ridiculous..... Which is why I have long said, people are not broke as they like to let on..... People will find the money to get what they want, but moan & groan when it comes time to spend money on something they HAVE to.... I mean you will hear women talkin about buying louboutins (shoes) & michael kors bags, but sucking their teeth & *sigh*ing when they're telling friends that they have to find a 'sitter for their kid and/or pet (usually a dog)... On top of that, making out like the paying of bills is an accomplishment - Hey bitch, that's something you're SUPPOSED to do!!! Link to comment Share on other sites More sharing options...
Via Garibaldi 8 Posted August 2, 2014 Share #13 Posted August 2, 2014 Ridiculous..... Which is why I have long said, people are not broke as they like to let on..... People will find the money to get what they want, but moan & groan when it comes time to spend money on something they HAVE to.... I mean you will hear women talkin about buying louboutins (shoes) & michael kors bags, but sucking their teeth & *sigh*ing when they're telling friends that they have to find a 'sitter for their kid and/or pet (usually a dog)... On top of that, making out like the paying of bills is an accomplishment - Hey bitch, that's something you're SUPPOSED to do!!! lol... I will admit that there are months that I'm shocked at my expenses.... For a while I tracked some of my expenses on my charge card I think back in 2011 and it's really amazing when you do... I was able to do an analysis of various of expenses for the year... Can't remember for sure, but I spent something like $2,000.00 - 3,000.00 in one year on take out from my local pizza spot on Staten Island! LMAO I never think about some expenses on a yearly basis but I just do things on a weekly basis. Here for example I do take out from a Greek spot at least once a week.. Roughly $30.00 or so with tip... $120.00 a month and $1,440.00 a year which I know is actually more than that, as some weeks I order out several times. When I'm spending money on things that I want, I don't focus as much on the price, but yes I hate paying ConEd, Verizon (not once but twice since they no longer accept my bundle package ) etc. The only real convenience now is that I can pay all bills online including the expenses for the apartment. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.