While many financial advisors focus on the "assets" column of clients' personal balance sheets, fewer spend time helping clients manage the "liabilities" column. Some advisors think affluent households don't have debt problems warranting professional attention. Others lack professional-level knowledge in credit management.

A new report published by the Urban Institutecan help to open advisors' eyes and expand their services in this area. Titled Delinquent Debt in America, it is available in PDF format here: www.urban.org/UploadedPDF/413191-Delinquent-Debt-in-America.pdf

Using 2013 credit bureau data from TransUnion, the Urban Institute has documented that "past due" debt (delinquent from 1 to 180 days) is a modest national problem. In September of 2013, 5.3% of U.S. consumers with credit files had debt reported as past due. However, "debt in collection," more than 180 days past due, is a staggering national problem, with 35.1% of U.S. credit files in this category. Although most of this debt has been referred to collection agencies, in many cases debts are too small for the agencies to have contacted consumers.