Thursday, July 31, 2014

5 Reasons to Complete the MAP Survey Today!

The American Institute of CPAs' (AICPA) Insights blog has a great piece on the importance of the AICPA PCPS/TSCPA National MAP Survey, which closes today, July 31. Virginia is one of the states selected for the 2014 survey, so read on to learn about why you should hurry to take the survey today!

The five reasons the blog post gave were:
  1. Peer-to-peer comparisons, including key metrics broken down by firm size and geographic location
  2. The chance to redefine success by benchmarking it against local competition
  3. Benchmarking vital information for critical metrics
  4. A basis for crucial conversations, with one New Hampshire partner saying the survey "asks for just the right amount of information"
  5. An easy-to-use template for organizing internal information that you already have
Click here to start the survey now!

Wednesday, July 30, 2014

Study: 35 Percent of American Adults Have a Debt in Collections

According to a new study (PDF) from the Urban Institute, 35 percent of adults in the United States have a debt in collections reported in their credit history.

Nevada, which was hit hard by the mortgage crisis, topped the list with 47 percent of people who have a credit file having a debt in collections. The Silver State also had the highest average collections debt at $7,198.

Twelve other states and the District of Columbia also had more than 40 percent of adults with a credit file that reports a debt in collections. Aside from Nevada, the South was the hardest hit:
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Kentucky
  • Louisiana
  • Mississippi
  • New Mexico
  • North Carolina
  • South Carolina
  • Texas
  • West Virginia
The Upper Midwest fared the best, with Minnesota and North and South Dakota reporting around 20 percent with reported debt in collections.

Among Virginia metropolitan statistical areas, Richmond had an average total debt of $62,323. Virginia Beach reported an average debt of $65,052, while the Washington metropolitan area had an average debt of $95,560.