According to the Federal Reserve Survey of Household Economics and Decisionmaking (SHED) released in May, 17% of US consumers had unpaid bills in the previous month blaming rising prices as the most common reason.
The survey also distinguished respondents by house renters and homeowners. As you can see above, 27% of renters have not been able to pay their bills in full, much higher than the 17% mentioned above. Notably, 11% of homeowners had the exact same issue.
Looking at specific expenses, 11% of US renters did not pay their water, gas, or electric bills, the most among all categories.
This has been the most evident in the lower-income classes. Namely, 36% of US households with annual family income less than $25,000 did not pay their bills in full.
Moreover, 24% of those earning $25,000-$49,999 also struggled to cover their bills. Even households with $50,000-$99,999 annual income have seen some significant problems.
How is this ‘strong economy’? To read more about the slowdown or possible recession in the United States click on the article below:
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