News & Advice

Credit card bills are first to go unpaid

Americans' collective bill-paying hierarchy appears to have fully reverted to its pre-recession norm, with credit card payments back to being last in line, a new Federal Reserve study finds.

The Fed found that of those surveyed, 22 percent expected they would forgo payment on some of their bills during the month of the survey. Within this group, approximately one-fifth of Americans, almost half (49 percent) said their credit card would go unpaid or only partially unpaid that month.

During the recession, credit cards bills were paid first, because they were seen as a financial lifeline.

The Federal Reserve Board's Report on the Economic Well-Being of U.S. Households in 2017 was released in late May 2018.

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Updated: 07-15-2018