Tag: inflation

Bankruptcy Law, Bankruptcy Trends, Consumer Bankruptcy

Bankruptcy Filings on the Rise

Posted on by Admin

With federal pandemic aid programs ending, many Americans are finding themselves in difficult financial situations. Rising interest rates and high inflation make these situations all that much worse. As a result, bankruptcy courts are now seeing a spike in bankruptcy filings.

According to data from Epiq, the total number of bankruptcy filings increased in January 2023 by 19 percent, to 31,087 filings from one year ago. Additionally, the number of American consumers who filed for bankruptcy in Chapters 7, 11, and 13 increased by 20 percent from one year ago.

Consumer Debt, Credit Card Debt

Debt is Hitting Home for Many in South Florida as Interest Rates Continue to Rise

Posted on by Admin

More consumers are racking up credit card debt at a pace not seen in decades as interest rates rise and inflation continues to pervade the economy. Many consumers in South Florida are struggling to manage this debt and as a result are in a vicious cycle that they cannot seem to escape.

Total credit card debt was on the rise towards the end of 2022. According to TransUnion, the average credit card user carried a balance of $5,805 over the last three months of 2022. This number is up 11 percent (11%) from 2021.

Consumer Debt

Over 40 Percent of Consumers Plan to Take on More Debt Despite Rising Interest Rates

Posted on by Admin

Approximately 43 percent of American consumers say they intend to accrue more debt in the next six months.  This is despite interest rates increasing, making the cost of borrowing more expensive. This information comes from a recent study published by LendingTree.

LendingTree surveyed more than 1,000 individuals regarding their spending habits. They found that 61 percent of them already carry some level of debt. Approximately 80 percent of consumer debt is linked to expenses that are considered necessary, such as healthcare expenses or other emergencies.

Consumer News

Florida Sending $450 Check Per Child to Nearly 60,000 Families Across the State

Posted on by Admin

As the new school year approaches, low-income Florida families will receive a $450 check to help offset the cost of rising inflation. For those who have been worried about the legitimacy of the check, the good news is the check is not a scam but is, in fact, legitimate.

This year, a record state budget was signed into law by Florida Governor, Ron DeSantis. This budget included millions of dollars to provide one-time payments to Florida families with young children. These payments included parents with foster children, adoptive families, and single parent households.

Consumer News, Credit, Credit Card Debt

The Best Ways to Handle Your Credit During Inflation

Posted on by Admin

The cost of living has continued to rise throughout the first half of 2022, leaving many consumers struggling to make ends meet. It seems the cost of everything has skyrocketed, from groceries to gas. As a result, three in five American consumers say they are living paycheck to paycheck. Many of these individuals are relying on credit cards to pay for necessary expenses, but unfortunately, adding to their credit card debt only complicates financial problems.

Consumer Debt, Consumer News

Survey Shows 1 in 5 Workers Run Out of Money Before Payday

Posted on by Admin

As the cost of living rises and inflation is at an all-time high, many American households have been pushed to the brink. According to a recent study from Salary Finance, 1 in 5 workers cannot make it from paycheck to paycheck.

As the cost of living continues to rise, many Americans are finding themselves struggling to make ends meet.  According to Salary Finance, approximately 20 percent of employees run out of money before their next paycheck. This is up five percent from the previous year.