McLEAN, Va. (08/05/14)--More than a third of the U.S. is having trouble paying debt on time. Thirty-five percent of Americans have debt in collections--a bill overdue by 180 days--according to a new study from the Urban Institute, Washington, D.C. Payments this late have been reported to a credit bureau and can affect your credit score (USAToday.com July 29).
On average, each of the 77 million Americans with debt in collections owes $5,200, which includes debt from credit cards, medical bills, utility bills, child support, membership fees, and even parking tickets. If you're in this situation here are steps you can take:
For related information, read the Turning Point "Understand All Your Options for Dealing with Debt" in the Home & Family Finance Resource Center.