Hard times: One in four Americans have missed a bill payment since coronavirus emerged

NEW YORK — From our social lives to professional careers, life as we know it has shifted since the beginning of 2020. Well, almost everything; millions may have lost their jobs due to COVID-19, but that doesn’t mean the bills have stopped coming. Indeed, paying off bills are an unavoidable part of life, even during a pandemic. Unfortunately, a new survey of 2,000 Americans finds that one in four (24%) have already missed at least one payment since the pandemic began.

Among that group, 26% say they haven’t paid their cell phone or cable bills. Another 25% failed to pay for streaming services, and perhaps more worryingly, some of their electricity or utilities bills.

On average, Americans who admit to skipping a bill payment have missed five bills altogether.

Commissioned by EnergyBot, the survey set out to gauge just how much COVID-19 has dealt a blow to Americans financially. Predictably, money is a big concern these days. In fact, 63% say the’re “always” worried about paying all their bills right now. Similarly, 58% are battling extra stress over their bills since the pandemic started.

Ways we’re cutting back
With those last stats in mind, it makes sense then that 65% of respondents admit they’ve had to make some sacrifices lately to make ends meet. What type of sacrifices are we talking about? Many have cancelled subscription services (38%) and gym memberships (39%). Others are cutting costs by no longer ordering takeout food (35%).

All in all, 52% say they only buy the “essentials” these days. Another 43% are no longer buying premium quality goods (toilet paper, gas) in an effort to save some cash. Some are adopting new lifestyles: 41% say they’re following “minimalistic” approach to life.

Moreover, about two in five people never use their credit card anymore because it encourages them to spend more.

Click here to read more.
Source: StudyFinds