Debt Collection in America

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News | by — July 30, 2014

Today’s Oregonian featured a front page story stating that 1/3 of Americans have debt in collections. The article cites to a recent study published by the Urban Institute called Delinquent Debt in America. While we know that the recent recession had and continues to have a major impact on the lower and middle classes, the results of the Urban Institute’s study are sobering. Among them:

  • 35% of Americans (approximately 77 million people) have debt in collections
  • The average amount owed on these delinquent debts is $5,200
  • Americans with delinquent debt, whether in collections or not, owe on average approximately $9,100
  • The study reported that 4.5% of Oregonians show delinquencies on their credit reports, with 30.5% of Oregonians in collections. The average balance in collections in our state is nearly $5,500.

Oregon continues to have one of the highest unemployment rates in the country, at 6.9% as of June, 2014. With such high unemployment, many have turned to consumer credit just to get by.

If you find yourself struggling with debt, we invite you to contact our office to explore your options. Whether you are managing to make your monthly payments but are not reducing your balances, are in collections, or have been sued because of your debt, we can help. While there is no magic bullet, we can help you assess your ability to settle your debt, to establish payments plans, or to determine if bankruptcy would be a good option for you.

If you would like more information on who we are, or the services we offer, please visit our website. If you’d like to meet us, schedule a free consultation.

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