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Paying utilities, including electricity, is a responsibility that many Americans face – and some struggle to cover – every month.
Nationally, Americans paid $185.59 for electricity in August. According to a recently released report from LendingTree. However, it found that residents in some states face more monthly debt than others.
The five most expensive countries closed about every month electricity bills whose income ranged from 21.6% to 37.1% more than the national average, it said.
APPROXIMATELY 4 IN 10 AMERICANS GET SICK OF BILLS AND THINGS MORE THAN OVERWHELMING
LendingTree said its findings on monthly energy costs were based on data from its sources Energy Information Administration (EIA).
Residents in the following five states were on the verge of getting the most energy bills in August, according to LendingTree’s analysis:
Connecticut: $254.47
Falling leaves along the Connecticut River in Hartford. Hartford is the capital of the US state of Connecticut. Hartford is known for its elegant style and for being the Insurance capital of the United States (iStock/iStock)
Arizona: $252.60
Aerial view, the inner sky is seen during the heat on July 15, 2023 in Phoenix, Arizona. Today’s weather forecast calls for a high of 115 degrees. The Phoenix area is dealing with a prolo-like heat wave. (Brandon Bell/Getty Images/Getty)
Texas: $233.38
An aerial view of downtown Austin is seen on April 11, 2023 in Austin, Texas. The city of Austin has been named the best place to work in the US for the second year in a row, according to data compiled by The Wall Street Journal. ((Photo by Brandon Bell/Getty Images)
Hawaii: $230.80
The coastline of Honolulu, Hawaii including the base of the Diamond Head crater is a state park, across from the hotel on Waikiki Beach to the mainland including the rural areas with mountains surrounding the city. (iStock/iStock)
Alabama: $225.65
Huntsville, Alabama, USA park and downtown cityscape at twilight. (iStock/iStock)
LendingTree found “consumption issues,” saying some “may have higher rates” per kilowatt hour used “but lower monthly rates (and vice versa).”
Financial aid is very important to the American people
LendingTree has found out about the energy bill coming as a report 23.4% of Americans faced the inability to cover the entire energy bill or parts of it in the past year, based on Census Bureau Household Pulse Survey data.
The sector saw a 1.4 percent year-over-year increase, it said.
“Although inflation has come down in recent months, life is still there crazy-expensiveand that can make it harder to pay off your debts,” said LendingTree credit expert Matt Schulz.
MANY AMERICANS LACK FINANCIAL SECURITY, EDUCATION GETS IT
The decline of all things The Consumer Price Index rose 0.3% month-on-month and 2.7% year-over-year in November, according to the Bureau of Labor Statistics.
Online Shopping A Bankrate.com survey shows that 40% of Americans who are married or living with a partner have engaged in financial adultery. iStock iStock (iStock/iStock)
For electricity, prices fell by 0.4% month-on-month but remain 3.1% from the previous 12 months. Meanwhile, gas prices rose 1% from October and 1.8% from November 2023, CPI data showed.
The need to pay off utility bills caused 34.3% of Americans to cut back on their spending on essential items — or cut back on some — at least once in the past year, LendingTree reported.
NEARLY 60% OF AMERICANS SAY $100K PAYMENTS NEEDED TO OVERCOME ANXIETY: STUDY
In September, the Bureau of Labor Statistics reported that American households saw an average of $77,280 in housing spending in 2023. This equates to $6,440 per month.
