The latest Western Union Money Mindset Index finds that now, more than ever before, consumers want control of their budgets. They are using a variety of bill payment strategies as a means to accomplish this; from prioritizing which bills get paid first to adopting walk-in/urgent payment, web and social media payment channels.
Survey Findings
37 percent of consumers are prioritizing which bills get paid first.
33 percent of consumers are only making the minimum payment on bills.
20 percent are paying “more” bills after the due date.
13 percent have defaulted on one or more bills.
12 percent are using “same day payment” options more often. Rent, mortgage, primary credit card and tuition are most likely paid via “same day payment.”
Gen Y, ages 18 to 34, is more likely to pay bills using “same day payment” than the average consumer. 44 percent repo
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Bill, Bill Paying
Cable – You need to be aware of possible changes to your cable bill. The special deal you had may have expired, fees increased without you being aware, or you ordered many movies on demand.
Credit card – Credit card bills vary every month. You need to check carefully for charges you did not make. Make sure you have enough to pay the bill each month or you pay overdraft fees to your bank. If you don’t have overdraft protection, you pay bounced check fees to both your bank and the credit card company. This is not a bill to ever pay automatically.
Health club – Health club memberships have had a reputation of being very difficult to cancel and usually require automatic bill pay. The terms are not what you thought, special offer expired without your knowledge or you moved, and there isn’t a club nearby. Let’s not forget the high pressure sales tactics. It is best t
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Bill, Bill Pay