Inflation and Consumer Bankruptcy
Will high inflation rates result in increased consumer bankruptcy filings in Oak Park and throughout Illinois? According to a recent article in Forbes , “the price for goods and services has increased 7.9% from the same time last year,” which means Americans are experiencing “the highest inflation rate since January 1982.” As a result, many households in the U.S. are struggling financially. The cost of groceries has increased, the cost of gas, electricity, and other utilities has risen sharply, and other expenses have gone up. As the article underscores, “forty percent of adults say their families are worse off financially now than prior to the pandemic,” and many households are struggling financially. Ultimately, inflation could mean that more consumers file for bankruptcy. What do you need to consider? Take Steps to Avoid Additional Costs Whether inflation has resulted in a struggle to pay your bills or has merely resulted in increased concern over finances in the future, it is impo...