Citing the Urban Institute’s recent study “Debt in America,” the Associated Press says “[m]ore than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies.” More noteworthy findings in the study:
- Americans with mortgages have an average of $209,768 of debt, while those without mortgages have an average of $11,592 of debt.
- High average debt levels tend to concentrate in metropolitan statistical areas (MSAs) where homeownership is prevalent and prices are high.
- Eighty (80) percent of Americans with a credit file do not hold any mortgage debt.
- “California is second only to the District of Columbia in lowest level of non-mortgage debt relative to income.”