The general premise makes sense: of course during these tough times Americans would face financial difficulty. But the numbers we are learning of are still hard to grasp. WalletHub conducted a survey that asked Americans about the most stressful things right now, what they think companies should do, and how they are going to manage their money during this time.
First, the big one: 67 million Americans anticipate having trouble paying their credit card bills specifically because of COVID-19. That's roughly 20% of Americans, or 1 in 5 people, who anticipate having trouble paying their credit card bills. If you are not one of these people, it might be a good idea to reach out to family or friends and see if they need any financial or just moral support.
Second, America's top stressors?
- Covid-19, 28%
- Money Problems, 26%
- 2020 Election, 18%
- Job Security, 11%
- Relationships, 8%
- Climate Change, 5%
- Terrorism/Mass Shootings, 4%
Now, there's a lot to unpack there. It's sad how correlated COVID is to money problems or the fact that almost the same number of people worry about health as worry about their finances. My guess is the election would have been much higher on this list only a few weeks ago, and interesting to see relationships that high-- perhaps that refers to friendships.
Some other stats:
- 76% of people think that credit card companies should forgive late payments during this time (makes sense to us).
- 158 million (basically half of America) are saving more money during Covid-19, rather than spending more
- With women more likely to spend less on travel (60%), and men more likely to spend less on entertainment events (61%)
- 94 million Americans have canceled, or plan on canceling travel plans
The late payment fees idea seems very reasonable, and we hope it happens. The "saving more money" stat is fascinating, given how many people say they are likely to have trouble paying credit card bills. The way we see it: it's likely people are spending less, but earning less, and thus struggling to pay your bills. Of course, if you have a full-time job, it's entirely possible you'll actually have saved money once this is all over.
As always, wash your hands and stay safe during these uncertain and stressful times.
Image via Wikimedia Commons