Quote:
A 2013 study by the urban institute shows that:
- 35% of USA citizens (77 million) with a credit file, have a report of debt collections.
- They owe an average of %5178 (median $1,349).
- Debt in collections involve a nonmortgage bill – such as credit card balance, medical or utility bill – that is more than 180 days past due and has been placed in collections.
- 5.3 percent of people with a credit file have a report of past due debt, indicating they are between 30 and 180 days late on a nonmortgage payment.
- Both debt in collections and debt past due are concentrated in the South.
How can these facts be used in the classroom?
In statistics
Have students read the article:
- What considerations were taken by the study.
- How did they collect their data?
- Mean v Median….why does it matter here?
- Why mention there is a correlation between high debt and geographic location?
Algebra II
- The effects of credit card debt, compound interest, and exponential growth.