The PYMNTS Financial Invisibles Report, a Unifund collaboration, is designed to examine how the general population uses its credit and deals with paying bills. It also aims to shed light on financial invisibles by diving into a variety of issues, including how individuals handle bill payments and use credit products, as well as the impact of traumatic events on an individual’s financial stability.
To compile the index, PYMNTS surveyed more than 2,000 Americans, to ask them about their financial habits and circumstances. Our sample generally, demographically mirrors the U.S. population with one important exception: We sought relatively low-income Americans to help deepen our insights into the use of credit by those who are financially challenged.
Financial Invisibles - October 2017
Key Findings Include:
Financial Invisibles largely live paycheck-to-paycheck: 85 percent of Shut Outs, 73 percent of Second Chances and 66 percent of the On The Edge group reported doing so.
75 percent of Shut Outs were contacted by a bill collector within the past year.
24 percent of respondents were Voluntary Invisibles, while 5 percent were Involuntary Invisibles.