To explore the topic of how frequently consumers miss a monthly payment and how worried they are about missing more in the future, the Consumer Finance Institute (CFI) at the Federal Reserve Bank of Philadelphia added a question to the quarterly Labor, Income, Finances, and Expectations (LIFE) Survey.
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Beginning in July 2024, we asked respondents who reported missing a monthly payment to explain why they missed the payment and if they were worried that it might happen again. The results provide insights into the precarious state of finances among some consumers and the coping strategies used when expenses exceeded income.
