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+ - 35% of (American) Adults Have Debt "In Collections" 1

Submitted by meeotch
meeotch (524339) writes "According to a new study by the Urban Institute, 35% of U.S. adults with a credit history (91% of the adult population of the U.S.) have debt "in collections" — a status generally not acquired until payments are at least 180 days past due. Debt problems seem to be worse in the South, with states hovering in the 40%+ range, while the Northeast has it better, at less than 30%. The study's authors claim their findings actually underrepresent low-income consumers, because "adults without a credit file are more likely to be financially disadvantaged."

Oddly, only 5% of adults have debt 30-180 days past due. This latter fact is partially accounted for by the fact that a broader range of debt can enter "in collections" status than "past due" status (e.g. parking tickets)... But also perhaps demonstrates that as one falls far enough along the debt spiral, escape becomes impossible. Particularly in the case of high-interest debt such as credit cards — the issuers of which cluster in states such as South Dakota, following a 1978 Supreme Court ruling that found that states' usury laws did not apply to banks headquartered in other states.

Even taking into account the folks to lost a parking ticket under their passenger seat, 35% is a pretty shocking number. Anyone have other theories why this number is so much higher than the 5% of people who are just "late"? How about some napkin math on the debt spiral? (And unfortunately, cue the inevitable geek snobbery about how people in debt must be "idiots".)"

Comment: Re:Biden is talking coding?? (Score 1) 225

by GlobalEcho (#47522729) Attached to: VP Biden Briefs US Governors On H-1B Visas, IT, and Coding

Al Gore, March 8, 1999, interview with CNN’s Wolf Blitzer, "I took the initiative in creating the Internet."

Al Gore, March 8, 1999, about 0.2 seconds later in the same interview "...I took the initiative in moving forward a whole range of initiatives that have proven to be important to our country’s economic growth, environmental protection, improvements in our educational system." Wired magazine yanked that quote out of context and it has never been the same since.

Absolutely right. I always thought that was a bit unfair, but I didn't mind too much, because I believe Gore has always been insufficiently lambasted for his active advocacy of the Clipper chip

Comment: Re:Version number confusion (Score 1) 194

by BZ (#47520015) Attached to: Firefox 33 Integrates Cisco's OpenH264

It's really not that complicated. Firefox releases work like this: 6 weeks of development, 12 weeks of testing and stabilization (split up into two 6-week phases called "aurora" and "beta"; the former corresponds more or less to feature freeze and the latter more or less to "code freeze unless we discover a stop-ship issue"), then release.

So right now 31 is released, 32 is beta, 33 is aurora, and development is happening on 34.

Never test for an error condition you don't know how to handle. -- Steinbach

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