Protecting Your Rights And Your Future

Past-due debt a growing problem for people in America

| Dec 19, 2017 | Medical Debt

It’s a fact that Americans are often well over their heads in debt. America is one of a few countries where wealth doesn’t necessarily result in a debt-free life.

When looking at the state of Arkansas, a map indicating how far in debt people in the state tend to be shows that there are no counties in which fewer than 31 percent of people are free from debt. That’s a tragedy, because there are many ways for people to look at their debts and to start to eliminate them.

According to the news article from Dec. 8, Louisiana is the state with the greatest number of people with past-due debt. Close to half the residents of the state are in debt that has now gone to collections, something that damages credit scores and even results in lawsuits.

Across the country, approximately 33 percent of Americans have debts currently in collections. On average, the collections accounts are $1,450. While that amount isn’t insurmountable, the real problem is that the culture of America makes it easy to get into debt that isn’t easy to pay off.

One thing to keep in mind is that a 1 percent increase in the number of people without health insurance leads to a .16 percent in the likelihood of individuals having debts that are long past due and sent to collections. It also leads to an increase in the total amount that goes to collections of around 1.3 percent.

Medical debt is a major problem in America, with around one in five homes struggling with medical debt in collections. Don’t let it take over your life; your attorney can help you find a solution.

Source: The Washington Post, “Americans are drowning in debt. Here’s where they have it the worst.,” Christopher Ingraham, accessed Dec. 15, 2017

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