17% of Americans say they delay at least one bill each month. (Credit: CrispyMedia/Adobe Stock)
Americans are struggling with the rising cost of monthly bills, according to a new doxoINSIGHTS report.
Households now spend a median of $24,695 annually—roughly 31% of their income—on the 13 most common bills. American households spend $4.55 trillion each year on essentials like utilities, rent, mortgage, mobile phones, Internet, auto loans and insurance.
“Bills are the single largest expense category for American households, and our findings show that paying them is not only financially burdensome but also emotionally stressful,” said Steve Shivers, co-founder and CEO at doxo, in a statement. “From growing fears of fraud to the strain of rising costs, households are looking for better, safer, and more convenient ways to manage payments.”
Rising bills are causing financial stress for many households. The report found that 77% of adults say their financial situation is worse or significantly worse than a year ago. Nearly half of households have reduced savings or delayed purchases in order to pay bills.
Some households (17%) delay at least one bill each month, and nearly half (45%) couldn’t cover three months of bills from savings if their income were lost.
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