The Continuing Story Of Factors Leading To Bankruptcy: Gasoline

20 May The Continuing Story Of Factors Leading To Bankruptcy: Gasoline

What leads to bankruptcy? Most bankruptcy cases involve a job loss, divorce and/or medical problems, and the credit is often used just to help make ends meet, not to purchase luxuries.

I filled up my gas tank yesterday. The cost per gallon was over $3.00 per gallon and the fill up was just under $50.00. Wow! I don’t want to date myself, but my first car could fill up on less than $9.00. For families who commute to work and/or school and require multiple tanks of gas per week, gasoline prices have a devastating affect on their budgets.

I am more aware of the cost of gasoline for trips I used to take for granted. I am very lucky because I live fairly close to work but my commute to work still costs about $1.00 a day. Before heading to my local big box stores for lower prices, I remind myself that it will cost me about $3.00 in gasoline for the round trip. A visit to my sister costs about $2.50. Dinner at my closest friend’s house uses about $4.00 in gas. A visit to family less than two hours away costs just about $30.00.

There are tips for helping to cut down on gas costs, but two best are reducing the miles you drive and buying a gas efficient car. That is easy to point out, but neither of these may be practical or within the control of people. Many people don’t have a real choice on how far they drive to work. Buying a different car isn’t something in the grasp of many financially strapped families.

I find myself using the same technique now before driving somewhere that I use before buying something. I ask myself if I want to go somewhere, or do I need to go. I think about whether or not I need to go right now, or can I try to combine the trip with errands on another day.

Rising gas prices seem to be here to stay and we will all have to watch our budgets carefully to keep them balanced. Rising gasoline prices; just another contributing factor to overspending and just one more reason more people than ever are facing bankruptcy.

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Concentrating in Consumer Bankruptcy Law since 1988; Wake Forest Law School JD 1987 Law Office of Susanne M. Robicsek since 1993, Law Clerk to Judge Rufus Reynolds, US Bankruptcy Judge for Middle District of NC; Burns Price & Arneke, PA, David Badger and Associates, PA.

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