Average amount of US consumer debt gone into collection by creditor 2014
Unpaid U.S. consumer debts gone into collection
Among unpaid U.S. consumer debts that have gone into collection, automotive creditors and credit union creditors have accumulated some of the highest debts, averaging 5,587 U.S. dollars and 3,174 U.S. dollars, respectively. However, both of these debts only account for 0.1 percent of the collection tradelines of unpaid consumer debts in the country. Debts related to medical or health care accounted for over 52 percent of collection tradelines. About 30 percent of non-elderly adults in the country who had trouble paying medical bills were uninsured. However, many people covered by health insurance still have troubles paying for their medical bills. Medical debts can also arise when individuals have difficulty paying for their health insurance.
Complaints about medical debt collections are often due to debt that did not belong to the consumer and debt that was already paid, totaling 23 percent and 20 percent, respectively, which are the leading complaints among U.S. consumers. Total outstanding consumer credit in the United States has more than doubled from 1,287.6 billion U.S. dollars in 1997 to over three trillion U.S. dollars in 2013. Debt can lead to difficulties affording housing or other basic necessities, barriers to health care, and even bankruptcy.