An increasing number of American households are falling behind on their utility bills as energy costs remain elevated heading into winter, according to a new analysis from two nonprofits.
Past-due balances owed to electric and gas utilities have climbed from $597 to $789 over the past three years—a 32 percent jump that a Nov. 17 report from The Century Foundation and Protect Borrowers says is an indication of growing financial strain on millions of American households.
“Rising utility costs are already taking a toll on family finances,” the report states.
“The Century Foundation and Protect Borrowers’ analysis of consumer credit data shows an avalanche of household utility debt has been building over the past three years,” it added, with the two nonprofits predicting that the utility-debt situation “will likely worsen” in the coming months….