1 in 10 Americans behind on monthly bills due to COVID

Almost a third of Americans report that since the onset of the pandemic, they have experienced a loss of income, and it has left many of them behind on their monthly bills.

1 in 10 Americans behind on monthly bills due to COVID

Electronic payments provider ACI Worldwide recently surveyed U.S. adults and found 1 in 10 reporting they are currently past due on monthly bills as a direct result of COVID 19-related financial hits.

The situation is worse for younger Americans than older ones, with more than a quarter of those age 18-34 (26%) saying they are behind on their bills. For those age 35-51, the share was 14%, while only 5% of those age 52 and older reported having past due bills due to the pandemic.

See related: Taking financial control amid a global pandemic

When asked how long they expect it will take to catch up, more than a third (35%) indicated it would take them six months or longer, with the remaining 65% saying they believe they can get back on track in under six months.

As a result of their missed payments, 15% of respondents reported they had contacted billers for payment arrangements or deferrals.

ACI Worldwide’s survey was conducted among a U.S. Census-balanced panel of 3,000 adults age 18 and older who are responsible for submitting payments for at least two of their household’s monthly bills. The results were released Dec. 15.

Source: creditcards.com