More than a third of all Americans can’t pay their debts. I don’t know about you, but to me that is a shocking figure. As you will see below, 35 percent of the people living in this country have debt in collections. When a debt is in collections, it is at least 180 days past due. And this is happening during the “economic recovery” that the mainstream media keeps touting, although the truth is that Barack Obama is going to be the only president in United States history to never have a single year when the economy grew by at least 3 percent. But at least things are fairly stable for the moment, and if this many Americans are having trouble paying their bills right now, what are things going to look like when the economy becomes extremely unstable once again.
It is hard to believe that 66 percent of the residents of one of our largest cities could have debt in collections, but without a doubt the city of Detroitis a complete and utter economic wasteland at this point. But to me, the 35 percent figure for the nation as a whole is a much greater concern. And much of the debt that is in collections is credit card debt.