A recent study conducted by the accounting and consulting firm Deloitte found that one in seven Americans had difficulty paying their bills for the first time in their lives. A full 11 percent of Americans recently got a taste of problems like medical bills, credit card bills and even unaffordable taxes for the first time according to a recent release.
It has widely been known that the recession adversely affected the wallets of many Americans, but the most worrying aspect of this recent study is that even consumers with good credit are beginning to default on their debts, according to the news source. Although bad credit history can exacerbate consumers’ financial problems, the study shows that even those with credit scores above 620 are starting to have serious money-related difficulties.
Half the good credit defaulters attributed their inability to fund their financial obligations to reduced income, and 38 percent of respondents reportedly claimed not to have a job at all. Medical bills, credit card bills and taxes were listed as the expenses that this demographic had the most difficulty financing.