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El Paso (KDBC) — Whether it's from credit card bills, mortgages, student loans, or even an unpaid parking ticket,
35 percent of the US has debt that has been reported to collection agencies, according to a study from the Urban Institute.
Here in the Sun City, 44.4 percent of the population has delinquent debt, following closing behind Nevada at 46 percent.
"I think people want what they want now and aren't willing to wait," said Nina Martinez, a west El Paso resident.
"People are still struggling from the recession, and trying to get on their feet. It's just been hard," said Jeanne Hosch, a west El Paso resident.
For the 77 million Americans in debt, they are looking at an average of $5,178 dollars.
"I think people have cut back a little since the recession, but things like school debt can be tremendous for people," Hosch said.
So what happens?
The study shows there are 3 options, the creditor can charge it off and sell it to a debt buyer, put the account into default, or collect what is owed. All of these options affect your credit score, and will stick around for years.
One resident said debt is something that affects people of all economic status.
"I just know that in my own life, when I've made more money, I've just gotten more in debt. so you just want more better, bigger things," Martinez said.
As for tips, Martinez said she has one credit card she uses just for emergencies.
Hosch said sticking to a budget is the best thing someone can do.
"It's a life long habit," Hosch said.
stick to a budget. know how much you have coming in so you don't overspend. it's a live long habit.
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