Pay Power Bill Or Insurance First?
When you have several bills to pay and not enough money to pay them all on time
, which ones do you give priority to? Online Resources Corporation, a Virginia based provider of telephone and web based financial services, conducted a survey in 2008 focused on the bill payment habits of United States consumers. Results show which bills Americans consider highest priority and are most likely to pay on time:1. Mortgage
Even though the number of American households with delinquent mortgage payments rose 67 percent from 2007 to 2008, this bill remains at the top of the priority stack.
Our only comment: renters would probably rank their rent payment number one in priority too. Do you agree?
2. Insurance
Of all major bills, insurance premiums have the lowest delinquency rate at a mere 2 percent.
Our only comment: too bad the survey does not indicate type of insurance. Most homeowners pay their property insurance as part of their mortgage payment. If this refers to car insurance, maybe it is because of the fact that people need their car to drive to work. If it is referring to health insurance, maybe it is because it is tough to continue working if you are ill and unable to seek medical attention.
3. Loans
In just one year, the total number of households with overdue loan payments has increased 58 percent.
Our only comment: This category would encompass car loans which makes sense as a high priority item. It is hard to get to work if your car gets repossessed because the bank retains interest in the collateral of the car until the loan is paid in full and only then releases the lien to the owner of the car.
4. Utilities
Delinquent utility payments are up 18 percent since last year.
Our only comment: Tough to imagine managing a home without electricity or natural gas for heating and cooling and water for cooking and washing.
5. Healthcare
Emergency medical care bills are most delinquent with 34 percent of respondents late on bill payment.
6. Telephone
More Americans say they can do without telephone service, and 26 percent of households put this bill on the bottom of the priority stack.
7. Credit Card
1 in 3 of the American households that are late paying their credit card bill continue to use their card, thereby increasing their outstanding balance and the overall debt.
How does your priority list on bills that are due in your household stack up against these survey results?
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