September 26, 2019 — Testimony

Americans are struggling under very high debt burdens. An estimated one in every three adults with a credit report has a debt in collection. For the vast majority of these consumers, it not an unwillingness to pay their debts but a host of other factors that lead people into the hands of debt collectors, including stagnating wages, job losses, divorce, health problems, predatory lending, and a weakening financial safety net. Americans of all stripes face debt collection, but those with lower incomes, those who live in communities of color, limited English speakers, older Americans, and servicemembers face special challenges.