Households breathing a sign of relief as gasoline prices begin to fall could soon be dealt another blow in the form of rising heating oil, gas and electricity bills, it has been suggested.

USA Today reports that home energy costs could reach record levels this winter, leading to increased debt risks for many families.

Citing forecasts from the Energy Information Administration, the news provider says heating oil bills are likely to be up 36.3 per cent this winter compared to last year, while gas bills could be up 23.8 per cent.

Mark Zandi, chief economist at Moody's Economy.com, told USA Today: "The added financial burden of heating our homes will make this the toughest winter since that of 2001-02."

Those struggling to meet soaring home energy costs during the winter months may consider taking out pay day loans to tide them over until the spring.

Inflation in the US hit a 17-year high in June, according to official figures.

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