Study - 77 Million Americans Have Debt In 'Collections'

Study - 77 Million Americans Have Debt In 'Collections'

1 in 3 U.S. adults have 'debt in collections'.
Americans have a delinquent debt problem.

That's according to a study by Urban Institute.

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.

The study found the debt in collections ranged from as little as $25 to $125,000.

Also according to the study, nearly 12 million adults have non-mortgage debt reported past due, and they need to pay about $2,200 on average to become current on that debt.

Furthermore, 77 million americans have debt in collections reported in their credit files. With an average debt amount of nearly $5,200.

The study is based on records from credit reporting agency Transunion.

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