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As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

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As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
FinanceEconomic Stimulus

Here’s how nearly two-thirds of Americans have used their third stimulus checks

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
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April 1, 2021, 1:08 PM ET
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Those $1,400 stimulus checks that started hitting mailboxes in March are proving valuable to people overwhelmed by debt.

A study from bill paying service doxo finds that 62% of stimulus checks are being used to pay bills, with a significant portion of that earmarked for credit card debt.

From March 17 to March 21, the service saw a 29.8% increase in the number of payments compared to the same period last month. And the total amount of payments was up 37% compared to February.

Credit cards payments saw the biggest lift, with 29% more cardholders making payments while the amount paid jumped 72%. Utilities came in second, with a 23% increase in payments compared to a month ago. Cable/Internet companies saw a 20% increase in payments.

Since the start of the pandemic, says doxo, 42% of Americans have skipped paying at least one bill.

The doxo numbers fall in line with data from the U.S. Census Bureau’s Household Pulse Survey. In March, a study from that group showed the majority of stimulus check recipients planned to use the money on food and utilities, as household budgets remained stretched during the pandemic. A study of 110 million people who reported receiving stimulus checks, taken between Feb. 17 and March 1, showed debt reduction and household expenses as the top priorities.

Day-to-day spending items were the lowest priority for consumers, according to that Census Bureau survey. Clothing was on the agenda for just 10% of recipients. Just 6% said they were considering household items, including TVs, electronics, furniture, and appliances. And just 2.5% had plans to buy recreational goods, such as sports and fitness equipment, bicycles, toys, and games. (Respondents in that survey could choose more than one category.)

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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