One In Seven Americans Is Pursued By A Debt Collector

The Roosevelt Institute’s Matt Stoller noted today that the Federal Reserve’s latest Quarterly Release on Household Debt and Credit shows that “the number of people subject to third party collections has doubled since 2000, from a little less than 7% to a little over 14% of consumers.” “Ten years ago, one in fourteen American consumers were pursued by debt collectors. Today it’s one in seven,” Stoller noted. The Consumer Financial Protection Bureau — created by the Dodd-Frank financial reform law — released a proposal this month to tighten regulation on debt collectors.