Deadbeat Nation: A Shocking 77 Million Americans Face Debt Collectors

Deadbeat Nation: A Shocking 77 Million Americans Face Debt Collectors (ZeroHedge, July 29, 2014):

We have been warning for years that as a result of the Fed’s disastrous policies, America’s middle class is being disintegrated and US adults are surviving only thanks to insurmountable debtloads. But not even we had an appreciation of how serious the problem truly was. We now know, and it is a shocker: according to new research by the Urban Institute, about 77 million Americans have a debt in collections.

As the Washington Post reports, that amounts to 35 percent of consumers with credit files or data reported to a major credit bureau, according to the study released Tuesday by the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute. “It’s a stunning number,” said Caroline Ratcliffe, senior fellow at the Urban Institute and author of the report. “And it threads through nearly all communities.”

 

3 thoughts on “Deadbeat Nation: A Shocking 77 Million Americans Face Debt Collectors

  1. Clever marketing with the hook of ‘interest free debt transfers for six months’, to the numbskulls was the ‘GET OUT OF JAIL FREE’ card.
    Keep pushing it away and eventually it will disappear.

    Now these sad people are learning what it’s like to be a victim of the banksters AND the slick marketers of goods they tell us we need but in reality do not.

    So sad….and now they have this added burden to contend with…..

    http://www.shadowstats.com/alternate_data/inflation-charts

  2. To Squodgy: Many of this saw it coming better than a decade ago. I got rid of all stuff like that…..I have friends and relatives who were not so careful.
    Got a call from a friend today, one of his mortgages (he has six) has suddenly doubled his payments from $1700 to $3100, starting immediately.
    I tried to warn those who would listen that this was inevitable….get rid of the ARMS, they are deadly. But, it has gotten more difficult for anyone to get loans……the bankers are sitting on hundreds of thousands of foreclosed homes. The are utterly ruthless and greedy.
    One of our founders tried to outlaw banks, use Spanish coins instead, didn’t happen. He lived during the 1600s.
    Instead, the greedy bastards slid in, the rest is history.
    The US had one big thing in their favor, as did the UK once upon a time, world reserve currency status. Technology has destroyed it, a world reserve currency is no longer necessary. Putin adopted Hugo Chavez’s system, for the Russians and the Chinese.
    As you already know, over half the world has dumped the dollar. If the EU joins with them, it will finish the US as a world leader.

  3. At present there is a street campaign here for a cancer victim who took out an endowment mortgage, and paid it off over 25 years religiously.
    Behind his back, the bank/building society changed the mortgage to part interest/part capital & didn’t tell him.
    He complained, they sent him a bunch of flowers. He thought that would sort it. but no.
    They changed it again to interest only and have just sent the bailiffs in.
    The Bank/Building Society he is with is now Government owned.
    Hmmm.

    http://www.bbc.co.uk/news/uk-england-nottinghamshire-28459746

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