1 in 3 American adults have ‘debt in collections’

Americans have a debt problem.

An estimated 1 in 3 adults 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.”

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.

At least with credit cards, debt won’t go into collections unless it’s more than 6 months past due. But time frames can differ from place to place when talking about debt like parking tickets and medical bills.

 

The Typical Household, Now Worth a Third Less

The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation.

The Russell Sage study also examined net worth at the 95th percentile. (For households at that level, 95 percent of the population had less wealth.) It found that for this well-do-do slice of the population, household net worth increased 14 percent over the same 10 years.

The reasons for these declines are complex and controversial, but one point seems clear: When only a few people are winning and more than half the population is losing, surely something is amiss.

via The Typical Household, Now Worth a Third Less – NYTimes.com.

Western US water crisis worse than thought

The water crisis in the south west of the US is likely to worsen according to a new study carried out by the American space agency and University of California.

Research has found that the Colorado River Basin, the prime source of water in the region, is being sucked dry.

The Colorado River is the only major river in the southwestern US, with the basin supplying water to 40 million people in seven states and irrigating around four million acres of farmland.

A series of monthly measurements have shown that over nine years the Colorado River Basin lost nearly twice as much water as Lake Mead, Nevada – the country’s largest reservoir.

“We don’t know exactly how much groundwater we have left, so we don’t know when we’re going to run out,” said Stephanie Castle, a water resources specialist at the University of California, Irvine.

“This is a lot of water to lose. We thought that the picture could be pretty bad, but this was shocking.”

Jay Famiglietti, the senior water cycle scientist at the Jet Propulsion Laboratory in Pasadena, warned the findings have long term implications for the entire region.

“The Colorado River Basin is the water lifeline of the western United States,” he said.

“Combined with declining snowpack and population growth, this will likely threaten the long-term ability of the basin to meet its water allocation commitments to the seven basin states and to Mexico.”

via Western US water crisis worse than thought – Telegraph.

Iran Leader: Only Solution For Crisis Is Israel’s Destruction

Iran’s supreme leader, Ayatollah Ali Khamenei, stated on Wednesday that the only solution for the region is the destruction of Israel, and that the armed confrontation must expand beyond Gaza.

Meanwhile, revolutionary guards announced new missiles which could destroy Israel’s Iron Dome missile defense system.

“These crimes which are beyond imagination and show the true nature of the wolfish and child killer regime, which the only solution is its destruction,” the ayatollah declared to his audience. “However, until that time, the expansion of the armed resistance of the Palestinians of the West Bank is the only way to confront this wild regime.”

Khamenei then criticized America, claiming its defense of Israel is “shameful,” and suggested that its support affects Iran’s behavior towards America.

“The anti-American and anti-West view in Iran is a logical view based on experience and a righteous calculation,” he said.

“However, until that time with the help of God for this cruel and murderous regime to be destroyed, strong confrontation with steadfast armed resistance is the only solution against this destructive regime.”

Khamenei then mocked Israel for looking for a ceasefire agreement, stating that Israel is powerless against the resistance of Hamas, and once again, strongly attacked America for supporting Israel.

“We believe that the West Bank needs to be armed just like Gaza and those interested in the future of Palestine must become active in this field [guerrilla warfare] so that the suffering of the Palestinian people through their strength and their weakness due to the Zionist regime is reduced,” he said. “Some Western countries including America and filthy England defend with clarity the crimes that no ordinary person would. ”

via Iran Leader: Only Solution For Crisis Is Israel’s Destruction | The Daily Caller.