An astonishing one in three American adults with a credit history are delinquent on their debt and the average family has $7,630 in revolving debt.
Many of those homeowners are also delinquent on their assessments, he said.
Because of this, Citi considers Mr. Yates delinquent on his payments, and he has had to hire a lawyer.
As many as seven million borrowers are seriously delinquent on their loans and at risk of foreclosure.
Subsidiaries of Massey Energy, recently sold to Alpha Natural Resources, were delinquent on more than $2 million in fines.
Nearly four million households nationwide are severely delinquent on their mortgages, the biggest backlog since the housing crisis began.
Medicare has no mechanism to prevent doctors who are delinquent on their taxes from receiving the payments, the report said.
By 1999, the company was losing millions of dollars a day and was delinquent on most of its bank loans.
Both Wells Fargo and JPMorgan Chase are facing class-action lawsuits accusing them of charging excessive and abusive fees to people delinquent on mortgage payments.
For example, some banks incorrectly advised borrowers that they would receive priority treatment if they were more than 90 days delinquent on their loans.
The agency, in a nutshell, thinks there is some chance that the government will default or be delinquent on its debt payments.
