Delinquent Non-Mortgage Debt in America

According to a recent study by the Urban Institute, approximately 77 million Americans, or 35% of adults with a credit file, have a report of debt in collections.  In other words, every third person you pass on the street is going to have debt in collections.  Debt in collections involves a non-mortgage bill, such as a credit card balance, medical or utility bill that is more than 180 days past due and has been given to a collection agency. (In regard to the collection industry, it now employs approximately 140,000 workers and recover about $50 billion each year.)