Going to the grocery store and filling your tank with gas is going to put a bigger dent in your pocket. The winter frost along with the price increase of raw materials and commodities are now being passed on to the consumer. January saw the biggest spike in the cost of food in two years while gasoline prices rose 22 percent. According to NYU economist Nouriel Roubini, who predicted the last financial crisis, dramatic price increases could send many nations back into recession as consumers tighten up their spending.
Over the past two years business have been reluctant to pass on the higher prices to their customers but can no longer avoid it. Experts estimate many food prices will rise up to 10 percent. The price of coffee has risen as well. Spending more money on rudimentary needs could send many running to bankruptcy attorneys.
The feds seem confident about economic growth but will the inflation. With the price of necessities rising people will have less money to spend on luxury items. Numerous people will be accumulating more debt that only bankruptcy lawyers are equipped to eliminate. The frustrations of trying to feed yourself and family cause many people to rely on credit instead of sacrifice. The interest rates on credit are good for banks but the debtors have a hard time paying that debt. Many times the only way to get out of the debt cyclones is through the retention of a bankruptcy lawyer.
