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Over a quarter of all Iowans with a credit file have debt in collections

dollars-moneyNIT – Tens of millions of Americans have fallen behind on their debts and are being chased by bill collectors to make good on their obligations, and Iowans are not immune to the problem.

Some are calling the debt problem in America an epidemic, and others are calling current times in the USA a “golden age” for debt collection as an estimated 77 million Americans with a credit file find themselves so far behind on payments that they are being hounded by endless calls and letters prodding them to ante up the dough.

Americans owe an average of $5,178 (median $1,349). Debt in collections involves a nonmortgage bill—such as a credit card balance, medical or utility bill—that is more than 180 days past due and has been placed in collections. 5.3 percent of people with a credit file have a report of past due debt, indicating they are between 30 and 180 days late on a nonmortgage payment. Both debt in collections and debt past due are concentrated in the South, most-notably large cities in Texas like Dallas, Houston and San Antonio. Nevada has 47% of its citizens behind on payments and the highest average amount owed at $7,198.

In Iowa, the those who have fallen behind owe an average of $4,810. Des Moines was the only Iowa city listed, and showed 27% of adults in arrears, owing an average of $4,420.

According to the Federal Trade Commission, debt collectors generate more complaints to the FTC than any other industry.

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