Debt And Collection: a Bigger Picture

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Debt is part of everyone’s lives, and so is debt collection. In the United States, millions upon millions of Americans are in some way, in debt. According to national statistics, over 30 million people living in America have unpaid debt. While this number is staggering, it should be noted that debt comes in many forms, from student loans, to mortgages, to unpaid medical bills, to unpaid parking tickets, to unpaid highway tolls.

As such, it comes as no surprise that countless agencies in the debt collection industry have been hit with an endless number of complaints from people and businesses who owe money. The number of complaints for debt collection agencies is so high that the Consumer Protection Bureau entertains more complaints against debt collectors than any business in the United States. Although it should be worthy to note that almost 4 out of 10 of those complaining are seniors.

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Households in the United States for example, are over $15,000 in debt to credit card companies (on an average). College graduates, also on an average, owe almost $30,000 to loaning companies or the government. This is quite puzzling since around half of the people who’ve graduated from college, who are also in debt, are employed by companies that don’t require college degrees.

Consolifi gives clients guidelines on understanding debt settlement companies. Learn more about Consolifi’s services here.