Delinquent debt nationwide is at a staggering 35%, according to a study by the Urban Institute. In Nevada, it is a whopping 47%. The more you are in debt, the higher the interest rates. Lots of people make lots of money grinding debtors for payments. Banksters securitize the debt. Entire industries have vested interests in keeping people in debt.
The South has the highest percentage of people with debt in collections, however the amounts are low compared to other parts of the country. Debt is collection is only moderately correlated to low income. Higher income people can have debt problems too.
Financial distress is a daily challenge for millions of American consumers. Nearly 12 million adults—5.3 percent of Americans with a credit file—have non-mortgage debt reported past due, and they need to pay $2,258 on average to become current on that debt.14 Further, an alarming 77 million Americans—35 percent of adults with credit files—have debt in collections reported in their credit files,15 with an average debt amount of nearly $5,178.16 Debt reported past due, and in particular reported debt in collections, is more concentrated in the South.