COVID-19 Causes 42% of Americans to Miss Bill Payments

https://thefintechtimes.com/covid-19-causes-42-of-americans-to-miss-bill-payments/
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doxo, a web and mobile bill pay service, has
released new survey data that examines how the Covid-19 pandemic
has impacted consumers’ ability to pay their bills. With over
half (57%) of Americans reporting a reduced income, the latest
doxoINSIGHTS Bill Pay Impact Report shows that 42% of consumers
missed at least one bill payment in the past seven months due to
financial effects of the Covid-19 pandemic. Additionally, consumers
continue to be worried about their ongoing ability to pay bills,
and what this will mean for the future of their overall financial
health.

Key findings from the latest doxoINSIGHTS Bill Pay Impact
include:

Consumers have struggled to pay their bills over the
last 6+ months

  • 27% have missed auto loans
  • 26% have missed utilities
  • 25% have missed cable/internet
  • 20% have missed rent
  • 17% have missed mortgage
  • 10% have missed health insurance

Consumers are worried about their future ability to pay
bills

  • 77% believe that if they were to lose their job, they would
    only have enough runway for six months or less
  • 62% believe they could only pay their bills for three months or
    less
  • 35% believe they could only do so for one month or less
  • 30% of consumers believe they will need to ramp up the use of
    their credit cards to pay their bills
  • 39% believe that they will need to skip paying at least one or
    more bills in the future:

    • 29% are likely to skip cable/internet
    • 28% are likely to skip utilities
    • 28% are likely to skip rent
    • 15% are likely to skip health insurance

Consumers continue to be concerned with the future of
their financial health

75% of consumers continue to be very worried about the future of
their financial health, down only slightly from the 82% who were
worried when the pandemic first started.

“Our data shows that more than half of all Americans have seen
a reduction in income as a result of the Covid-19 crisis. It is
therefore no surprise that many have also struggled to pay their
bills over the last seven months since the pandemic started,”
said Jim Kreyenhagen, VP of Marketing and Consumer
Services at
doxo
. “With no end in sight for economic recovery, we’re
seeing that consumers remain not only worried about their ongoing
ability to pay bills, but how the pandemic will impact their future
financial health.”

https://thefintechtimes.com/covid-19-causes-42-of-americans-to-miss-bill-payments/