Current Events > Nearly 1/3 of adults have a debt that is in collections, collectors can DM you

(+) Yeah! (+)

https://www.route-fifty.com/tech-data/2021/04/29-adults-have-debt-collections-report-finds/173116/

29% of Adults Have Debt in Collections, Report Finds
An analysis by the Urban Institute shows a disproportionate amount of debt in collections is held by communities of color and residents of southern states.

Nearly one in three adults with credit records have some form of debt in collections, and the share of Americans with debt in collections is 60% higher in communities of color than in majority-white communities, the Urban Institutes Debt in America interactive map shows.
The Urban Leagues analysis of Americans total debt, including medical, student loans, credit card and auto, found that 24% of those living in predominantly white communities have debt in collections compared to 39% of those living in communities of color.
The share of residents with medical debt in collections was 17% in communities of color compared to 13% in majority-white communities. The research also found white people who held student loans had 9% of their student loan debt in default while persons of color had 14% in default.

When analyzed by region, residents of southern states carried the highest amount of total debt in collections. The top five states with debt in collections were Louisiana (40.9%), Texas (40.7%), South Carolina (40.2%), West Virginia (40%) and Mississippi (38.3%). Moreover, among the 100 counties with the highest share of adults with a credit file with medical debt in collections (at least 34.8%), nearly all are located in the South.
Americans debt woes not only impact individuals and families but also local economies and governments. For example, a recent report by the National Association of Realtors found that debt hindered potential homebuyers ability to save for a downpayment by a median of three years and came primarily from student loan debt.

The Urban Institute reviewed more than five million records in December 2020 from a random sample of de-identified consumer records from a major credit bureau. The credit bureau data did not include information about race. The review also incorporated estimates from summary tables of the U.S. Census Bureaus American Community Survey (ACS).

Now debt collectors can also try to get ahold of you through social media.

https://www.cbsnews.com/news/debt-collectors-social-media-direct-message/

Debt collectors are now allowed to slide into your DMs, according to new financial regulations that went into effect on Tuesday allowing debt collectors to contact people via their social media accounts.
In essence, that means your Twitter and Facebook Messenger accounts could soon receive messages from debt collectors seeking to track down an unpaid bill. The change could impact tens of millions of Americans, given that one-third of U.S. adults with a credit report has a debt in collections

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I'd just send them a dick pic

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It's as easy as not using social media

Non issue imo

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financial literacy needs to be part of high school curriculum nationwide

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Pay your bills on time folks

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