Nearly one-fifth of all U.S. consumer spending is devoted to paying recurring invoices on 11 payment categories, according to a report published by the digital bill-paying service Doxo.
The report determined that the average U.S. household spends $21,378 per year on bills, totaling $2.75 trillion annually, or 21% of all consumer spending. The median household income in the U.S. is $65,712. The report also found that most of this spending is aimed at the following 11 categories:
Ӣ Mortgage ($1,268 per month average, $782 billion annual national total)
Ӣ Rent ($1,023 per month average, $537 billion annual national total)
Ӣ Auto loans ($374 per month average, $421 billion national total)
Ӣ Utilities ($290 per month average, $345 billion national total)
Ӣ Auto insurance ($181 per month average, $229 billion national total)
Ӣ Cable and internet services ($110 per month average, $140 billion national total)
Ӣ Mobile phone ($88 per month average, $127 billion national total)
Ӣ Health insurance [consumer-direct portion] ($94 per month average, $112 billion national total)
Ӣ Life insurance ($76 per month average, $33 billion national total)
Ӣ Alarm and security systems ($76 per month average, $18 billion national average)
Ӣ Dental insurance [consumer-direct portion] ($25 per month average, $5 billion national total)
Regionally, New York was among the states cited in the report for the highest mortgage and rent costs and lowest health insurance expenses, while Connecticut was included in the states with the highest cable and internet bills.
The report also added one extra cost: the expenses incurred by identity theft and payment account fraud, late and overdraft fees and other detrimental credit impacts, which up to an additional $577 each year per household, or $74 billion annually.
