Consumers are dipping into their savings in order to meet delinquent payments, and more than half are having trouble meeting their expenses, according to an April survey released on Friday by Online Resources Corp (Nasdaq: ORCC).
Americans in all demographic groups continue to prioritize among their bills by creating a “delinquency budget,” according to the survey of 1,016 nationally representative U.S. households. The mortgage still ranks first as the bill that households are most likely to pay, although the percentage of households that reported being delinquent with their mortgage payments has increased significantly.
Fifty-two percent of households said they had taken money out of savings, retirement accounts or investments in the past 12 months to pay for necessary living expenses, the survey found.
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