A recent study conducted by Lending Tree has shed light on the financial struggles faced by many U.S. households over the past year. With the cost of essential items such as food and housing putting a strain on budgets, a significant percentage of Americans have been forced to cut back on basic necessities in order to keep up with their energy bills.
According to the study, more than 34% of respondents admitted to having to make sacrifices, such as skipping necessary expenses, to ensure their lights stay on. “Even though inflation has moderated in recent months, life is still crazy-expensive, and that can make it hard to pay your bills,” remarked Matt Schulz, Chief Credit Analyst at LendingTree.
The rising cost of electricity is a growing concern across the country, particularly for residents in lower-income states. In states like Alabama and Mississippi, over 44% of households reported making sacrifices to pay their utility bills. The report also highlighted a notable disparity in energy costs and usage across different states, with some surprising findings.
As temperatures rise, so do utility costs, putting further pressure on already stretched budgets. Schulz cautioned that both power costs and usage are expected to continue increasing, posing challenges for individuals with limited financial flexibility.
The financial strain faced by households is exacerbated by the varying cost of utilities in different states. While some states have lower electricity rates, they still have high average monthly bills due to higher energy consumption. As energy costs continue to climb, many utility companies are seeking rate increases to meet growing demand, further burdening consumers with tight budgets.
In the face of these challenges, many Americans are being forced to make tough decisions to navigate their financial obligations. As the cost of living remains high and utility expenses continue to escalate, it is clear that many households are feeling the squeeze.
Sure! Here is the rewritten text:
As a responsible reporter, you are expected to adhere to the principles of journalistic ethics while presenting the news in a fresh and original style, using up to 900 words.
