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View Diary: 77 million Americans have debts in collection (53 comments)

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  •  pretty harsh response (9+ / 0-)

    I can't agree that this diary trivializes any issues.

    If 77 million Americans have debts in collection -- I'm guessing that's around one out of every three adults -- to me that suggests that our economy isn't capable of generating enough well-paying jobs to enable people to service their debts, much less pay them off.  When one person's debt is another person's asset, or a pension fund's asset, that has plenty of real consequences.

    The workable and rational plan would be to have an economy that focused on wages rather than financial legerdemain and repeated asset bubbles.

    A terrible beauty is born. --W.B. Yeats

    by eightlivesleft on Tue Jul 29, 2014 at 10:23:05 AM PDT

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    •  No. (1+ / 0-)
      Recommended by:
      Tamifah
      to me that suggests that our economy isn't capable of generating enough well-paying jobs to enable people to service their debts, much less pay them off.
      It suggests that "in collections" is a highly variable state.  Sometimes it means that they are being hounded daily for every dollar.

      And sometimes it means that someone somewhere didn't pay attention to some paperwork, and nobody really cares.

      Don Corleone wouldn't stand for sloppy work.

      -7.75 -4.67

      "Freedom's just another word for nothing left to lose."

      There are no Christians in foxholes.

      by Odysseus on Tue Jul 29, 2014 at 10:57:18 AM PDT

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      •  fair enough (3+ / 0-)
        Recommended by:
        Penny GC, Tamifah, jbsoul

        But given what we know about poverty levels, the stagnation of wages, and the evisceration of the middle class, I'm going to guess that the number of people in collections because of economic distress exceeds, substantially, the number of people in collections for other reasons.  If there's a better statistic out there, I certainly am open to revisiting that guess.

        A terrible beauty is born. --W.B. Yeats

        by eightlivesleft on Tue Jul 29, 2014 at 11:22:22 AM PDT

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