Insurance Bills Still Paid by Cash-Strapped Consumers
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January 7, 2009
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)With the state of the economy today, more people admit to dipping into their savings to pay for everyday living expenses. Paying the bills is still very important to most people, but some bills end up being more important to pay than others. In a recent survey by Online Resources of more than 1,000 American households, consumers ranked the bills most important to pay--the insurance bill is the number 2 priority.
Consumer Bill Paying Priorities:
Mortgage
Insurance
Loans
Utilities
Healthcare
Phone
Credit Card
Making some bills a priority can leave others unpaid. Because of this, it isn't surprising that 1 in 3 households were contacted by a collector in the past year. According to the survey, more people prefer to resolve delinquencies online and people who set up automatic payments had a significantly lower likelihood of becoming delinquent in the first place.
Putting off insurance payments, or canceling it all together as some people in Indiana are doing, can look like a short term fix for cash-strapped consumers. But going without insurance coverage, either for your car, home or even yourself, means money straight from your bank account should an accident happen. When that tree falls on your house, or you get in a car accident, it will be time to get out the checkbook.
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