Out-of-control inflation is now forcing a significant proportion of Americans to skip their utility payments, according to Bank of America (BoA).
“Around 17 percent of households had either missed or made a late payment. For households with income below $50K, the proportion rises to 25 percent,” BoA said in a Sept. 23 report detailing the results of a survey (pdf).
“If utility prices remain high, which seems quite possible given raised natural gas prices and the hedging dynamic that feathers-in the impact over two to three years, these households could come under pressure to make cuts in their other spending in order to keep the lights on,” it warned….