WASHINGTON—Approximately 67 million Americans believe they will have trouble paying their credit card bills due to coronavirus, according to WalletHub’s new Coronavirus Money Survey.
“Credit card companies should give relief to affected customers, just like they’ve done during major natural disasters in recent years,” recommended WalletHub CEO Odysseas Papadimitriou. “Roughly 67 million Americans anticipate having trouble paying their credit card bills because of the coronavirus. Their struggles could easily ripple through the economy if left unaddressed, especially considering the more than $1 trillion in credit card debt currently owed by U.S. consumers.”
The red flags aren’t limited to concerns over credit cards.
“Furthermore, 94 million Americans have cancelled or plan to cancel travel plans due to the coronavirus,” added WalletHub analyst Jill Gonzalez. “Less apparent, however, is the panic saving that people are engaged in right now…If there’s a bright side to all of this, people saving more money than usual might just be it.”
Other Findings
Among the other findings in the Coronavirus Money Survey:
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Coronavirus is a huge source of stress. Coronavirus is now the top stressor in America, above money problems, which has traditionally topped the list.
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Many Americans have started saving extra. 158 million Americans are saving more money during coronavirus, rather than spending more.
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Spending habits have changed differently for women and men. The top category women have spent less on due to coronavirus is travel. For men, it's entertainment events, such as concerts, sports and movies.
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Travel has halted. Ninety-four-million Americans have cancelled or plan on canceling travel plans due to the coronavirus.
- Touching cash is scary. More than 6 in 10 people believe it is possible to contract the coronavirus from money.