The story that heating prices this winter are going to be skyrocketing over those paid last year is becoming a common story in the news these days. While usatoday.com reports that energy bills may increase by 90% this winter, what caught my eye in the article was something else that is going on for many households:
Surging energy prices, which have been climbing since spring, come at a time when many households are contending with higher mortgage-finance costs, higher taxes that accompany increased real estate assessments and property-insurance price increases the past two years.
One of the downsides of increasing real estate values is increased property taxes, especially if you are on a fixed income. With interest rates rising and expecting to do so, those who took out home equity loans are seeing increased costs since most are variable rate loans. For many, the minimum payment on their credit cards has or will be increasing. It looks like a lot of people are going to have their paychecks squeezed from a variety of different angles this winter, not just energy prices.