In recent times, families across the West and Middle Tennessee regions, like many across the United States, have faced a complex web of financial pressures that extend beyond the immediate impacts of the COVID-19 pandemic and natural disasters. Rising inflation, wage stagnation, home and food costs, and increasing credit card debt have compounded these challenges, squeezing household budgets even further.

Rising Inflation: The cost of living has surged, particularly due to rising rents, which have been a significant driver of inflation. The consumer price index (CPI) increased by 0.3% in just one month, with shelter accounting for more than two-thirds of this rise. Additionally, food prices rose by 0.4%, marking the most significant increase in a year, partially blamed on winter storms. This inflation dynamic is slowing but remains a persistent concern for economic policymakers and families alike​​. (1)

Pandemic-era Inflation Causes: The sharp rise in inflation experienced in 2021, peaking at about 9% in June 2022, can be attributed to several factors including massive government spending in response to COVID-19, demand surges as the economy reopened, supply chain disruptions, and rising commodity prices. These factors, combined with labor market tightness, have put upward pressure on wages and prices. Initially, energy and food prices and supply chain disruptions were the primary inflation drivers, but as these pressures eased, tight labor markets and wage pressures became more dominant​​. (2)

Comprehensive Impact of Inflation: The inflation experienced was a result of demand-pull inflation, where demand outpaces supply, cost-push inflation, resulting from rising raw material costs, and built-in inflation, where wage demands increase to maintain lifestyles amid rising costs. This multi-faceted inflation has particularly affected essential spending areas like groceries, gas, housing, and cars, with low-income households feeling the greatest impact due to a higher proportion of income going towards necessities​​. (3)

In light of these challenges, legal and financial advisement becomes crucial for those struggling under the weight of financial pressures. The Law Office of T. Verner Smith is committed to providing expert guidance and support through these times.

Whether it's navigating debt resolution, addressing credit card debt, or exploring other legal avenues to manage financial difficulties, our office is here to assist families and individuals in finding a path forward. Our team understands the complex interplay of factors currently impacting household finances and stands ready to offer the compassionate and comprehensive support needed to address these issues. 

For those in West and Middle Tennessee seeking help to navigate these difficult financial waters, please reach out to the Law Office of T. Verner Smith for a consultation today at (731) 423-1888. Our experience in debt resolution and legal financial advisement can provide the necessary guidance to explore all available options, helping you to make informed decisions towards a more stable financial future.

​(1/4/22) The latest statistics from the Bureau of Labor Statistics say a record 4.5 million quit their jobs in the month of November, 2021. 

The categories featuring the most 'quits' were the hospitality industry as well as health care, followed by warehousing, transportation, and utilities.  The quit rate was more than twice as high as layoffs/discharges.

Experts speculate the service and health care industries are more likely to result in quits due to concerns about COVID-19 exposure.  Lower entry pay and a lack of opportunity for tips and advancements also impact the service industry.

The South recorded the highest quit rate, greatly eclipsing other sectors of the country.  Nearly 1.9 million workers in the South quit their jobs, compared to 611,000 in the Northeast, 960,000 in the West, and 999,999 in the Midwest. 

More details here: ​https://www.bls.gov/news.release/jolts.nr0.htm

If your family is struggling due to COVID related issues, call us at the law office of T. Verner Smith.
 
Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. 

​Call us at (731) 423-1888 and schedule a free consultation.