One in three (33%) consumers have trouble managing their debt and 35% can't pay all of their bills on time, according to new survey data from digital personal finance company Achieve. As Americans mark Financial Literacy Month with trepidation and concern about their ability to make ends meet, Achieve is offering expert-backed guidance to households on the brink of falling behind on their bills.

The survey was conducted by Achieve's think tank, the Achieve Center for Consumer Insights, and highlights the challenges households face with mounting debt. For example, among consumers with self-reported Excellent credit scores (760 and above), 36% are debt-free and 61% say their debt is manageable. Conversely, among consumers with Poor credit scores (below 620), just 3% are debt-free and 19% say their debt is manageable.

"When people are overwhelmed and about to miss bill payments, they often don't know what steps to take — but the right strategy in that moment can make a major difference," said Achieve Co-Founder and Co-CEO Brad Stroh. "We want consumers to know they're not alone, and that help is available."

As Achieve recently reported, Americans continue to experience financial strain and rising debt: 26% of consumers saw their overall debt increase in the last three months of 2024, while 57% carry credit card balances to cover essential expenses. On-time bill payments are a major component of credit score calculations, making this practice essential to maintaining a strong credit history. While 65% of all survey respondents say they pay their bills on time, that figure jumps to 98% of consumers with Excellent credit scores and falls to 31% among those with Poor credit scores.

"Financial literacy isn't just about knowing what a budget is — it's about having a plan in moments of stress," Stroh said. "Achieve is committed to giving everyday people the resources they need to make knowledgeable decisions when it matters most."

What to Do If You're About to Miss a Payment

Experts at the Achieve Center for Consumer Insights recommend the following steps if you find yourself struggling to make ends meet:

1. Prioritize essential bills. Focus on housing, utilities, and transportation first, then look at credit cards and any other unsecured debt. If you skip a mortgage payment for example, you risk losing a place to live, so prioritize the important stuff.

2. Reach out to your creditors. Many lenders offer hardship programs, temporary payment deferrals, or other assistance options if you contact them directly. It's important to take this step when you anticipate missing a payment, not after you've already missed one.

3. Avoid quick fixes. Turning to credit cards or cash advances might offer short-term relief, but can deepen long-term financial challenges.

4. Consider additional methods for funds. If you're struggling to stay current on payments, you might explore borrowing from family or friends, using a home equity line of credit (HELOC), or even borrowing from your 401(k). Each option has pros and cons, so it's important to evaluate them carefully.

5. Explore debt relief options. If your debt is no longer manageable, a reputable debt relief program, also known as debt settlement, or credit counseling may help you regain control.

6. Start budgeting now — it's never too late. Even if you're on the brink of missing payments or have already missed one, creating a budget can help you regain control. A simple plan that maps out your income, essential expenses, and debts can reduce stress and help you make informed decisions moving forward.