How far will $1,400 stimulus checks go?
This article originally appeared on Dorchester Star
By Angela Price
CAMBRIDGE — Now that President Joe Biden has signed the $1.9 trillion dollar pandemic relief plan, consumers could to see their $1,400 checks soon.
The web and mobile bill pay service, doxo, recently released new doxoINSIGHTS data that reveals that 90% of Americans believe the $1,400 will help their improve their financial health. The data also reveals that the majority of Americans (59%) plan to use the money to pay household bills, with utilities, cable/internet, and mobile phone bills topping the list.
According to doxo’s data, residents in Cambridge pay $1,076 on the eight most common household bills (excluding housing expenses like rent or mortgage). If you consider the fact that the $1,076 per month does not include housing costs, it is evident that while the $1,400 will help, it will not go very far.
According to doxo, monthly bill averages in Cambridge for the most common household expenses are $355 for utilities, $300 for auto loans, $254 for auto insurance, $156 for cable and internet, $90 for mobile phone, $118 for health insurance, $87 for life insurance and $83 for alarm and security services.