SEATTLE, October 21, 2021–(BUSINESS WIRE)–doxo, the innovative web and mobile bill pay service, today released its newest doxoINSIGHTS statistical report: The Hidden Costs of Bill Pay – 2021. Each year U.S. households spend over $4.4 trillion on household bills, and almost $3 trillion on the 10 most common recurring ones. Staying on top of these bills is the single largest determinant for consumer financial health. The hidden bill pay costs – obscured in identity fraud, late fees, overdraft fees, and detrimental credit impacts – amount to an additional $119 billion annually, averaging $925 per household.

These figures are considerably higher than they were for last year’s Hidden Costs of Bill Pay Report, which showed that the hidden costs of bill pay had an overall market impact of $74 billion, and an average annual cost per household of $577. The steep increase in the cost of hidden fees was due to a growth in the gap in APR rates between people with high and low credit scores. While the financial benefit of having a 35-point credit score bump was $301 in 2020, it rose to $684 in 2021.

To continue reading the rest of the article, please click on the source link below:

https://finance.yahoo.com/news/u-households-pay-925-hidden-120000226.html

Comments

comments