Nearly 1 in 20 households, or about 14 million Americans, were so behind on #utility #debt that it was reported to collections agencies or in arrears as of June, according to an analysis by the Century Foundation & Protect Borrowers, a nonprofit that advocates for consumers. Meanwhile, the average overdue balance of $789 has risen 32% since 2022.
#economy #affordability #CostOfLiving #electricity #Trump #inflation #recession #trumpcession
#Utility #prices have risen roughly 3X faster than overall #inflation this year, at a precarious time for the #economy. Businesses are announcing #MassLayoffs, & it’s taking #unemployed Americans much longer to find new #work. There are also signs that lower- & middle-class families are pulling back on spending.
#affordability #CostOfLiving #Trump #recession #trumpcession
“People are feeling a squeeze across the board, but what’s even more alarming is that we’re seeing people struggling to pay for these very, very basic necessities,” said Julie Margetta Morgan, president of the Century Foundation, a liberal think tank. “ #Electricity is not a luxury; it isn’t optional.”
#economy #affordability #CostOfLiving #Trump #inflation #recession #trumpcession
Nearly 1 in 20 households, or about 14 million Americans, were so behind on #utility #debt that it was reported to collections agencies or in arrears as of June, according to an analysis by the Century Foundation & Protect Borrowers, a nonprofit that advocates for consumers. Meanwhile, the average overdue balance of $789 has risen 32% since 2022.
#economy #affordability #CostOfLiving #electricity #Trump #inflation #recession #trumpcession
…At Citizens #Utility Board, a consumer advocacy group in Chicago, the number of people calling with disconnection notices has risen 70% since last year, spox Jim Chilsen said, noting “intense consumer pain over power bills.”
Utility companies say they are expanding financial assistance programs & adding flexible polices….In NYC Con Edison spox Jamie McShane said the company is making “every effort” to offer payment plans & extensions before shutting off #power.
