Times are tough as people struggle to find solutions to their financial problems. As everyone has felt it to some extent and in some way, our economy continues to lag and struggle because of the COVID-19 quarantine. A recent survey of 2,000 people in the United States finds that one in four (24%) Americans have already missed at least one bill payment since the coronavirus pandemic began in March. The survey was commissioned by EnergyBot, an online energy broker, to gauge the extent to which the coronavirus has affected Americans financially.
It is no surprise that income and money are primary concerns for all Americans. Currently, 63% say that they are “always” worried about paying all their bills right now, while 58% are dealing with extra stress overpaying their bills since the beginning of the pandemic. Among those polled within this group, 26% say they have not paid their cell phone or cable bills. Another 25% say they have failed to pay for streaming services, and perhaps of more concern, some of their utility bills. On average, those surveyed who admitted to skipping a bill payment have missed five bills in total.
As the pandemic has caused people to make allowances, it is no surprise that 65% of respondents admit they have had to make some sacrifices to meet their monthly debt service. Many consumers have canceled or stopped subscription services (38%), gym memberships (39%), and ordering takeout food (35%).
Of those polled, 52% say they only buy essential goods, while 43% have stopped buying premium quality goods such as gas and toilet paper to increase savings. Even 41% have said that they have altered their lifestyles by adopting a minimalistic approach to everyday living. Also, 40% say they never use their credit cards anymore because it encourages them to spend more money.
One-third of respondents say they have been forced to use savings because of the COVID-19 pandemic. Also, 55% say that they often feel overwhelmed by the extent to which the coronavirus has altered their financial stability.
More than one-third of respondents (35%) have learned to live without a broken appliance because they cannot afford to repair it. As a result, 68% have tried to fix the appliance themselves or asked a spouse to fix it. Others (33%) have used some of their savings to solve these issues when they were unable to repair it themselves. However, 37% say, that they would not have enough savings to fix a broken appliance.
A few other common ways that Americans are saving money to make ends meet during the pandemic include: turning off lights when not needed (62%); turning off appliances when not in use (46%); closing windows/doors when the heat is on (42%); opening the windows instead of using AC (36%), and using blinds to adjust room temperature (33%).
One of the Morrison Law Group’s qualified and knowledgeable bankruptcy attorneys may answer any questions about filing a Chapter 13 bankruptcy case. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.