Viewpoints Industry notes that this country -- along with most of the world -- has just been through the worst recession to hit us since the Dirty Thirties, that is, the Great Depression. Therefore, it should surprise no one that a large percentage of us are suffering from consumer debt. But what has taken many by surprise is the vast number of Americans who have been affected: over one third of us have amassed debts so severe that they are now in collection. The numbers vary by state, but Nevada has come out the worst with 46% of its citizens in collection. Simple debts typically don't get rolled over into "collection" until 180 days have passed without a payment. This is how severe the problem is, system-wide.
Viewpoints Industry has learned that more than one third of Americans are in the red.
The Viewpoints Industry TV show reports some 77 million Americans with debt in collections, who owe an average of $5,200. This takes into account debt from credit card bills, child support, medical bills, utility bills, parking tickets or membership fees. While mortgage debt accounts for a large portion of all of this record debt, the rest can not all be blamed on mere capricious spending. Unemployment has hit communities hard and, no matter how responsible a person intends to be about paying off his or her debts, if there is no job, there is no income with which to do this. The only upside seems to be a bit more patience on the part of lenders in their collection process because this problem has afflicted so many of their customers. We're all looking for the silver lining around this dark cloud.