GRAND RAPIDS, Mich. (WOOD) — A new study shows that more than 30% of households in Michigan are going without necessities like food and medicine in order to pay the utility bills.
Researchers at lendingtree.com looked at a survey from the U.S. Census Bureau. They found that just over 21% of household in Michigan were unable to pay at least part of one energy bill in the past 12 months. More than 20% of households kept their home at a temperature that felt unsafe or unhealthy due to the high cost of utilities.
News 8 spoke with Lending Tree’s chief credit analyst about some of the ways people have been getting by during this time.
“It just has a ripple effect across everything, because it’s not like you can just stop paying your utility bill, like you would cancel your Spotify or Netflix subscription. What people really need to do is they need to revisit that budget that they have,” Matt Schulz said. “Because if you haven’t looked at that in the last six or nine months, chances are, a lot of the assumptions that you made about what things are going to cost are now blown out of the water, because prices of things have risen so quickly.”
Schulz said it’s important if you’re struggling to take some sort of actions to help yourself and your family’s finances because inflation issues could end up getting worse.