New doxoINSIGHTS Report: U.S. Households Pay $577 a Year in Hidden Bill Pay Costs
doxo, the innovative web and mobile bill pay service, today released its newest doxoINSIGHTS statistical report: The Hidden Costs of Bill Pay. Each year U.S. households spend over $3 trillion, about half of all household expenses, on recurring bill payments. Staying on top of these bills is the single largest determinant for consumer financial health. The hidden bill pay costs - obscured in identity theft, payment account fraud, late fees, overdraft fees, and detrimental credit impacts - amount to an additional $74 billion annually, averaging $577 per household. For the first time, doxo's report uncovers the concerns American consumers have about these hidden costs and quantifies the expense for the typical U.S. household.
Breaking Down the Hidden Costs of Bill Pay
Analysis of consumer survey and statistical data shows the average U.S. household incurs $577 per year on additional hidden costs associated with bill payment, comprised of:
High Consumer Concern about Identity Theft and Credit Impacts
Consumers are increasingly concerned about the variety of ways they get stuck with expenses when managing and paying their bills. doxo's survey of active household bill payers shows:
doxoPLUS Tackles the Hidden Costs of Bill Pay
doxo's secure, all-in-one bill pay service facilitates secure payment to any biller, with any payment method, on any device - delivering payments from millions of paying users to tens of thousands of billers across the country. doxo users can now upgrade to doxoPLUS and receive five key Bill Pay Protections that directly address the hidden costs of bill pay: Private Pay™ Protection, Identity Theft Protection, Overdraft Protection, Credit Score Protection, and Late Fee Protection. Collectively, these protections reduce the hassle and anxieties of paying bills and improve household financial health.
doxoINSIGHTS leverages consumer surveys and doxo's unique aggregate bill pay data set comprising actual bill payment activity to confirmed household service providers across the country. doxo bill pay statistics bring together the broadest available data set for analyzing actual household payment activity, pulling from over 4 million paying consumers across all 3,007 U.S. counties. doxo's payment network covers over 65,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxoINSIGHTS reports - uncovering key trends for household financial and bill payment behavior.
doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over four million paying users who can make payments to over 65,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free - and consumers have complete bill pay independence over when and how they pay their bills. doxo expanded its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA.
For more information visit www.doxo.com.
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