Americans struggle to pay utilities as energy prices surge
CBSN
Millions of Americans are struggling to cope with rising electricity and natural gas prices as sky-high inflation continues to dent their finances.
About 20% of U.S. households have missed or made a late payment on their utility bill in the last month, according to a recent Bank of America report. Not surprisingly, families with an income of $50,000 or less are struggling the most to absorb higher energy costs. Geographically, residents of Dallas and Houston are seeing some of the highest utility bill hikes this summer — up 23% when compared to the same period last year.
Higher energy prices brought on by the Russia-Ukraine war are partly to blame for the late or missed payments, BofA said. Customer utility bills rose about 16% in August compared to the same month a year ago, according to the report.
