A new report has found that even with inflation cooling, Americans are still struggling to make ends meet as higher prices are making it hard for most to pay their bills.
The report from LendingTree highlights that 76% of Americans report inflation and the current economy are making it harder for them to afford paying their bills this last year.
On top of that, 45% of those struggling said they have had to pay a bill late in the last 12 months, and 29% said they’ve done so in the last six months. Another 48% said they’ve paid three or more bills late in the last year.
When comparing their financial situation now to a year ago, 40% say they are in a worse financial spot when it comes to affording their monthly payments.
The report also found that 50% of Americans have suffered an overdraft on their account while paying a bill.
When it comes to why those struggling are making late payments, 55% said it’s because they didn’t have the money to afford it, while 28% reported getting the due date mixed up.
Among the bills that Americans are paying late, utilities (44%) were the most common, followed by cable or internet (34%) and rent or mortgages (31%).
Despite nearly a third paying their rent or mortgage late, 53% say it is the most important bill to pay on time, followed by utilities (18%) and credit cards (9%). Another 21% said their rent or mortgage is also the hardest to afford.
The study included responses from 2,000 Americans.