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Nearly One of Three Consumers is Past Due on at Least One Bill—Due to COVID-19 Pandemic


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1 hour ago, nemo said:

It was scary enough already without them exaggerating it.  I would have called 27% "more than one in four" rather than "nearly one in three."

What else would you expect from a media that is incapable of examining rates when discussing COVID numbers?  It is easier to just fear-monger than to actually interpret the data...

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1 hour ago, nemo said:

It was scary enough already without them exaggerating it.  I would have called 27% "more than one in four" rather than "nearly one in three."

Yesterday on I can't remember which thread, I was lamenting the transmission of PR efforts being laundered into news. 

 

This is actually a press release, not even masquerading as reporting. But look:

Quote

NAPLES, Fla.--(BUSINESS WIRE)--Nearly one of three consumers (27%) is past due on at least one bill and nearly 50 percent will need up to a year to catch up on bills due to the COVID-19 pandemic, according to a new study from YouGov and ACI Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic payment and banking solutions.

And then, let me check and see if the CEO or CFO or engagement head's got something to say ... brb ...

 

Would you look at that?

Quote

“With increasing job losses, furloughs and reductions of hours and pay, so many consumers are facing substantial financial difficulties—resulting in both overdue bills and bill deferrals,” said Sanjay Gupta, executive vice president, ACI Worldwide. “Consumers, now more than ever, need financial flexibility. We’re seeing more billers working to accommodate and ease consumer stress and provide payment relief. However, with more than 44 percent of consumers indicating it will take 4 months to a year to get current with their bills, there is much more work to be done here.”

So your "study" shows consumers need increased flexibility. Why is this a press release? Oh:

 

Quote

Survey Methodology

 

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,384 adults. Fieldwork was undertaken between April 29-30, 2020. The figures have been weighted and are representative of all US adults (aged 18+).

 

*ACI’s rapid response approach to COVID-19 includes new capabilities—Delay My Payment and Manage My Payment—designed to help billers and their consumers with short and long-term payment pause and payment plan arrangements.

So this "study" was probably a commissioned landline survey of a whopping 1,384 people -- so ACI could tout their ability to provide flexibility in these trying times.

 

The 27% stat was puffed up to "nearly one in three" and we don't know what they asked. 

 

Press releases are trying to sell you something, they are not news. 

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53 minutes ago, smartlypretty said:

Yesterday on I can't remember which thread, I was lamenting the transmission of PR efforts being laundered into news. 

 

This is actually a press release, not even masquerading as reporting. But look:

And then, let me check and see if the CEO or CFO or engagement head's got something to say ... brb ...

 

Would you look at that?

So your "study" shows consumers need increased flexibility. Why is this a press release? Oh:

 

So this "study" was probably a commissioned landline survey of a whopping 1,384 people -- so ACI could tout their ability to provide flexibility in these trying times.

 

The 27% stat was puffed up to "nearly one in three" and we don't know what they asked. 

 

Press releases are trying to sell you something, they are not news. 

all surveys are commissioned by someone. As long as it is a random sampling protocol there is some validity to it; I'd be more curious to their weighting methodology. Weighted can help mitigate your concern about it being a landline survey (which we don't even know if it was or not).

 

Information can be "news" AND a press release. HOW DO YOU THINK WE GOT RESULTS FROM MERDONA TODAY?

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They worked with YouGov, so it's probably not terrible, but the entire purpose was to generate a result that would favor the product being shoehorned in. 

 

The results are not trustworthy because they've clearly been fluffed as someone pointed out, 27% becomes nearly one in three instead of closer to one in four. 
 

Press releases are released on occasion to GNews which is where I assume this came from, but none of this appears to be rigorous or reflective of anything but "our payment systems give people flexibility!"

 

It's less the credibility of the claims even than the motivation -- someone selling a thing is selling a thing. The information is tainted and not neutral. The press release also says "study" but means "survey."

 

The AP ran it like it was reporting 🤣https://apnews.com/e4c90f45cdae436ca837eb5fdf90f1c0

 

FWIW I tried to look at the actual questions asked but it looks like this brand has a habit of frequently trying to spam itself into the news.

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4 hours ago, centex said:

Depending on the specific methodology, the survey sample size could very well be deemed representative.  It is actually more people than are included in some of the surveys for other matters, including that which shall not be discussed here...

This is very true, but these days who still answers their landline phone and responds to surveys, especially about financial matters?  What type of people still even have landline phones?  These questions make me wonder just how representative the data set is.

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If there was any accurate anything in the media any longer, it would have said 27% and not any nonsense about nearly this or more than that.

 

What I’d like to know is what percentage of that 27% that’s behind in payments is behind because they voluntarily chose to defer payments without needing to do so and what percentage is behind because they were stupid and spending beyond their means. 

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1 hour ago, Burdell said:

This is very true, but these days who still answers their landline phone and responds to surveys, especially about financial matters?  What type of people still even have landline phones?  These questions make me wonder just how representative the data set is.

In part that is what weighting can do for the sample (as well as weight the sample back to demographic characteristics of the population)

 

 

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13 hours ago, NorCalR1 said:

And yet, some states have not and so far will not budge on extending the eviction freeze as this is folks largest monthly obligation. Something has got to give. We will find out soon enough who blinks first.

 

 

 

 

Housing, at the level that some people are used to having it at, is not a human right.

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8 minutes ago, brazen said:

Doesn't surprise me. Folks that were laid off getting a royal screwing in some states, as Unemployment Insurance is old and slow, and not capable to process that many claims. Plus folks living paycheck to paycheck, recipe for disaster. In our state, claims going on ten weeks old, lots have not been paid out. 

 

That's certainly true in areas of California.

 

 

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On 5/20/2020 at 4:17 PM, NorCalR1 said:

 

And dumping them on the streets, as homeless, accomplishes what?

 

 

 

 

It's makes more options available to those who can pay.

 

Once the low wage worker finds work again, they should pull their resources together with other low wage workers in their quest for housing. Splitting the rent 10 ways, makes the rent more affordable in most markets. This idea should be a no brainer for many since they are already used to buying cars on monthly payment amount instead of buying based on total cost.

Edited by TheVig
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