Magazine article Mortgage Banking

Western Union Money Mindset Index Finds Consumers Paying More Bills Late

Magazine article Mortgage Banking

Western Union Money Mindset Index Finds Consumers Paying More Bills Late

Article excerpt

Western Union[R] Global Business Payments, Englewood, Colorado, released the results of its third-quarter Money Mindset Index and found consumers are stressed over finances and are paying more bills after the due date. The new report found the average number of late payments rose sharply to four bills being paid late. That was up from 3.1 late bills in the prior survey.

The quarterly survey is designed to track the American consumer's financial behavior and mindset, and is based on the online responses of roughly 3,000 consumers. Western Union reported that financial stress on the part of American consumers has ebbed and flowed over the past year, but remained at elevated levels.

The Western Union Global Business Payments Money Mindset Index found that 50 percent of consumers were stressed over their finances one year ago. Since then, the stress level climbed to 61 percent in the first quarter of 2009, then fell to 48 percent in the second quarter before rising once again to 53 percent in the current report. …

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