Not the 1%

According to a report out today, an estimated 1 in 3 adults in the United States with a credit history -- or 77 million people -- are so far behind on some of their debt payments that their account has been put "in collections." That's a key finding from a new Urban Institute study. It examined non-mortgage debt, including credit card bills, car loans, medical bills, child support payments and even parking tickets. The debt in collections ranged from as little as $25 to a whopping $125,000. But the average amount owed was $5,200. 

Geographically, no area of the country is untouched. Among the states, Nevada had the highest percentage of residents with debt in collections -- 47% - as well as the highest average amount owed - $7,198. That was helped in part by the Las Vegas metro area, where 49% of residents had debt in collections. 

By contrast, North Dakota had the lowest percentage of residents with debt in collections at just 19%, while the District of Columbia had the lowest average dollar amount owed per person at $3,547. 

Regionally, the South had the highest percentage of people -- as high as 44% in some parts; while the Northeast had the lowest at less than 30%. 

And among the 100 largest metropolitan areas, Minneapolis-St. Paul had the lowest percentage of residents with debt in collections at 20%, while McAllen, Texas claimed the highest percentage at 51%.

This quote is attributed to John Wesley, founder of the Methodist Church:

When I have money, I get rid of it as quickly as possible, lest if find a way into my heart.