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Have you noticed how expensive it is to live in New Jersey?
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Have you noticed how expensive it is to live in New Jersey?

On Behalf of | Nov 12, 2021 | bankruptcy

The Consumer Price Index for all Urban Consumers increased 5.4% from June 2020 to June 2021.  This is the largest 12-month advance since August 2008.  Consumer prices increased 4.7% from February 2020 to June 2021.

Since February 2020 prices for food increased 5.4% and prices for energy increased 8.9%.  Prices for all items less food and energy rose 4.2% from February 2020 to June 2021.

What is truly amazing is that new vehicles rose 5.3% since February 2020 while used cars and truck prices rose 43.3%. Also, consumer prices for car and truck rentals rose 70.8% from February 2020 to June 2021.  See Bureau of Labor Statistics, US Department of Labor, The Economics Daily, Consumer prices up 4.7% since February 2020 at https://www.bls.  Gov/opub/ted//2021-consumer-prices – up-4.7 percent- since-february-2020.htm.

The Consumer Price Index for all Urban Consumers increased 0.9% in June 2021 after rising 0.6 % in May 2021. This was the largest 1-month change since June 2008 when the index rose 1.0%.   Over the last 12 months from June 2020 to June 2021, the all items index increased 5.4%, which was the largest 12-month increase since August 2008 when the index rose 5.4%. Ibid.

The index for used cars and trucks continued to rise sharply to 10.5% in June 2021 and the food index increased 0.8% in June 2021.  The energy index increased 1.5% in June 2021 with the gasoline index rising 2.5% in June 2021. Ibid.

The index for medical care, household furnishings and operations were among the few indexes which decreased in June 2021.

Finally, the all items index rose 5.4% for the 12 months ending in June 2021 and the index for all items less food and energy rose 4.5% from June 2020 to June 2021.  This was the largest increase since November 1991. The energy index rose 24.5% over the same period of time. Ibid.

If you live in New Jersey, which has one of the highest taxes in the country, and you earn a salary, it is going to be extremely difficult for you to stay current with your monthly bills.

When it used to cost you $200 per month to fill your gas tank, it now costs you $400 to $500 to fill your tank with no end in sight.

If you used to spend $400 per month for groceries and personal effects, you are now spending at least $500 or $600 per month for the same food.

If you are able to afford to eat out, the restaurant has to raise its prices since all its costs have gone up and it needs to pass the costs to you.

Unfortunately, this is a vicious cycle where you, the consumer and middle class American, are paying dearly.

If you are now overwhelmed with debt to pay for all these additional expenses, it is urgent that you contact Taieb Law for a FREE consultation so he can advise you of your rights under the bankruptcy code.  Then you must file a bankruptcy petition if you want to put a stay against creditors who are pursuing you or don’t stop calling you.

If you are behind on your bills or just overwhelmed, call us and we will help you resolve your individual problem like we have helped over 7,000 people over the last 36 years.

Now that things are opening up and the moratoriums are coming to a close, you do not want to delay.

If you are sick, stressed out, or losing sleep over your debt, we can help you save your property and get a fresh start by filing a bankruptcy for you.  For more information go to www.bankruptcywithcare.com or call us at (856)235-4994 for your FREE initial consultation.

AGAIN, PLEASE NOTE WE ARE OPEN FOR BUSINESS TO HELP ANYBODY WHO IS IN FINANCIAL DISTRESS AND CAN HELP YOU EITHER IN OFFICE OR VIRTUALLY. PLEASE ALSO NOTE THAT STEVEN N. TAIEB, ESQUIRE HAS BEEN VACINATED.

Steven N. Taieb, Esquire has been a south jersey bankruptcy attorney for 36 years and is board certified in consumer bankruptcy law by the American Board of Certification which is accredited by the American Bar Association.

We are a debt relief agency.  We help people file for bankruptcy relief under the bankruptcy Code.