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Research and Statistics

1 in 10 Americans behind on monthly bills due to COVID

New study shows a third of consumers will need at least half a year to catch up

Summary

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.

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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.

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