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Does it feel like you're spending more on bills this year? You’re not alone, according to a new survey, two in three Americans say their household expenses have gone up over the last year, but only a quarter have seen their income increase in that same time frame.
“People are spending so much on their monthly bills because the cost of virtually everything has increased pretty significantly over the past few years,” explains Carter Seuthe, CEO of Credit Summit Debt Consolidation. “Combine that with salaries not increasing at the same rate–or at all (feel that)–and you have tons of people who now have to contribute a larger percentage of their paycheck directly toward their monthly bills.”
A new poll from GoBankingRates of 1,000 U.S. adults reveals:
- Close to a third (30%) are spending $201 to $300 a month on utility bills, like electric, gas/heat and water.
- But Gen Z and millennials are paying even more, as much as $301 to $400 a month just for utilities.
- Rate hikes are one of the biggest reasons utilities cost more now.
- Another 19% are paying between $301 and $500 a month on car payments alone. Gen Z and millennials are paying the most for car payments.