Skip to comments.1 in 3 U.S. adults have 'debt in collections'
Posted on 07/29/2014 8:00:25 AM PDT by TigerClaws
An estimated 1 in 3 adults with a credit history -- or 77 million people -- are so far behind on some of their debt payments that their account has been put "in collections."
(Excerpt) Read more at money.cnn.com ...
Great time to go to Chipotles and buy an overpriced chicken taco.
Put it on the MasterCard.
So them lawyers on TV say, they can make all that ‘collection’ hassle go away. In fact, if you hire them, you can throw all that debt away and as soon as you do, you get NEW offers for credit cards and such....aks them.
HOPE AND CHANGE
I hope I have more than just pocket change when this regime is finally finished
Its a tough Obamaeconomy.
But, so far, their reaction has just been to sell the debt to another agency who does likewise once they know the real story.
I guess someone’s playing with the numbers.
U hope you have sent them a cease and desist letter.
simple to do and puts you back into forsing Verizon to deal with you
That’s a standard type of collection debt. Phone companies are the worst.
I’ve done so and all it accomplished was having them sell the phony debt to yet another phony collection agency. Rinse and repeat.
We live in a consumer based economy. The cycle has to be kept alive or our economy will crash. Its insane but there you have it. When the credit is no longer available to people and they have used up all of their accumulated wealth we will finally have the crash.
Just now online renting a car at an airport location. Almost 40% of the total price are ‘fees and taxes’. Ripoff paying for services not rendered. Both govt and corporate suck the dollars away.
I got so many bills in collection due to medical and credit card bills. Now one of the cards is suing me but I am going to fight it. Also you should check the SOL on your debt. Perhaps they no longer have a legal right to claim that debt against you. I regret it but had no choice. I am on my own and getting injured meanwhile going back and forth with disability has allowed CC to snowball. By the time I return to work 7 months later, I was way behind that everything like I said snowball. It is very easy for others to criticize when they don’t know that person’s situation. Now I don’t deny there are others who just spend like crazy but I didn’t, I had to do what was needed to do to keep my head above waters.
But, so far, their reaction has just been to sell the debt to another agency who does likewise once they know the real story. “
AT&T has done the same thing with me except they say I didn’t cancel my contract renewal in time. Sent them a certified letter 30 days before the end date and have receipt saying they received. Latest company said I have to prove what was in the document they signed for - they say could have been a blank piece of paper for all they know. Bunch of shysters. I don’t answer calls any more and they just go to voice mail with no message left.
I am reasonably wealthy. I own my own home (no mortgage). And have lots in the bank. I have no loans of any kind. But I do have collection guys calling my house every day. I think there are about three or four of them.
The reason they are calling is because they say that I owe things I do not owe. Mostly medical bills are the cause. There are doctors and labs who make a deal with the insurance company and then want to charge me the difference between their deal and what they hope to get. This practice is against the law in Illinois where I live and other states.
But because most people pay these guys sooner or later they keep calling. One guy has been calling for 5 years. Thank god for cell phones and caller ID. We simply don’t use the house phone unless we know the caller. The house phone gets a lot of surveys and spam as well. Its really not very useful anymore.
So when they say that 35% of the population are in collections, I wonder how many really should be in collections. Older people especially, are likely to pay these guys. I never will. And last time I needed a house loan I got the lowest rate even with a $300 non payment on my credit report. I just told the loan officer I was never going to pay it. But I will never need a loan again. So they can’t really hurt me other than calling every day.
Next step: an enterprising Elizabeth Warren-type political charlatain organizes them into a debt cartel.
Capitalism, Game Over.
I know a 30 yr old who owes 80K!
and this is her 2nd go around, her parents paid off her 1st debt.
another 30ish girl I know also owes around 50K, and has gone bankrupt before.
I don’t live on credit so I don’t have these problems.
and yeah they are both huge fans of The One in the White Hut. Both have babies with no dads in sight too, come to think of it.
I’m one of the one-in-three because I thought we had a clear credit card. Zero balance. Then we got an automatic annual fee from Ancestry.com charged to the card and I didn’t realize it.
That $20 turned into $300 after six months and we had no idea until we got the call from a collection agency.
Oh! Here’s another good one. My daughter has been collecting the mail for the last three months. She thought my husband’s government credit card bill was junk and has been throwing them out. (He’s been traveling overseas for work.) I just caught her a week ago and she didn’t even believe me when I told her it was a bill.
I’ll bet that human error is responsible for about half of this statistic.