Many American Households Use Stimulus Payments to Pay Down Debt

Household Pulse Survey shows stimulus payments have eased financial hardship. Learn more in this America Counts story.

America Counts: Stories Behind the Numbers Many American Households Use Stimulus Payments to Pay Down Debt Americans are poised to receive a third round of stimulus checks through the new American Rescue Plan Act and data from the Census Bureau's experimental Household Pulse Survey show past stimulus payments helped ease financial hardship during the COVID-19 pandemic. The first round of COVID stimulus payments of up to $1,200 per adult and $500 per child began reaching households in April and May 2020. Read More According to the survey, around a quarter of adults in those households were still using those payments to pay for usual expenses as of the first half of June 2020. But Household Pulse data also suggest many households may have accumulated debt to make ends meet. Roughly 30% of adults reported using credit cards, taking out loans or borrowing from family and friends between June and December to pay for usual expenses such as food, housing and gas. Continue reading to learn more about: Mounting debt Financial hardships as the pandemic drags on Help us spread the word about America Counts. Share this story on social media or forward it to a friend. Share This You May Be Interested Despite Unemployment Insurance, Many Households Struggle to Meet Basic Needs: The Household Pulse Survey shows that 31.2% of households that used unemployment insurance reported a very difficut time paying for usual household expenses. Learn More About America Counts America Counts tells the stories behind the numbers in a new inviting way. It features stories on various topics such as families, housing, employment, business, education, economy, emergency preparedness, health, population, income and poverty. Contact our Public Information Office for media inquiries or interviews. Don't miss an America Counts story! Subscribe here.

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