Symend survey reveals 28% of Americans late on bills due to coronavirus
Survey of 1,000+ American consumers reveals pandemic's impact on bill payments and financial recovery
Symend announced survey results from over 1,000 American consumers conducted in May 2020 regarding pandemic-related financial challenges.
Key Findings
- 28% of Americans reported being late on bill payments due to the coronavirus pandemic
- 38% have experienced collections action
- 51% cited insufficient funds as the reason for late payments
- 33% delayed payments to preserve savings
Recovery Timeline
Regarding financial recovery prospects:
- 39% reported no pandemic-related financial impact
- 11% anticipated two months to recover financially
- 11% expected three months recovery time
- 10% projected six months or longer
Specific Financial Pressures
Debt Collection
22% encountered collections; 17% heard from collectors within the past week; 20% experienced increasing collection calls.
Income & Employment
34% saw reduced monthly pay; 15% lost jobs; 14% deferred at least one bill.
Personal Hardship
46% altered daily routines; 7% had sick relatives; 5% lost housing; 4% lost vehicles.
Corporate Response
34% found companies "very understanding"; 28% received "a bit" more flexibility; 15% reported firms demanded timely payment with late fee threats.
About Symend
Founded in 2016, the company combines behavioral science with AI to help businesses engage financially at-risk customers through empathetic debt recovery programs.
Contact:
Media Relations
media@symend.com
