While what is termed as the Great Recession of a few years ago is reportedly gone, that does not mean that financial challenges have completely vanished. Many an Oregon resident continues to struggle to wipe out credit card debt or consider bankruptcy as a means to get a fresh financial start. Consumers will always need to balance income with expenses and factors like unemployment, divorce and unexpected medical costs can make that difficult.
While each state has debtors that are unable to keep up with their debt levels, some appear to have a higher ratio of people being reported to credit collections than others. A recent report found that select cities in Mississippi, Florida, Tennessee, South Carolina, Texas and Nevada have the nation’s highest percent of people with debt referred for collections activities. Nationally, one out of every three people have been reported for late payments and the above states have some rates as high as 51.7 percent.
Credit card debt is far from the primary culprit of this finding. Utility bills, gym memberships, student loans, car loans and medical bills are commonly the reasons that creditors rely upon collections agencies. This trend has resulted in a healthy collections industry that employs as many as 140,000 people around the country.
Anyone who has experienced creditor harassment, is in jeopardy of delinquent payments or may need to pursue filing for bankruptcy may first consider talking to an attorney. Doing so can highlight the best option to truly get help with high debt levels.
Source: Oregon Live, “35% of Americans on report to debt collectors, study says,” July 29, 2014
