According to data compiled by WalletHub, over the last year inflation exceeded 7.8% in the Miami-Ft. Lauderdale metro area. Even though we have a small town feel, this is where we live.
This is NOT about budgeting. Every household has felt this. At the gas pump, grocery store, home repair store, rent, HOA fees, utilities, insurances, taxes, healthcare, childcare, etc..
Then when something goes wrong, economic decisions that nobody wants to make; must be made. (EX: Do you pay for the water or the electric? Your child’s field trip, their sport activity you can’t afford, or your cell phonebill? Chlorine for the pool or gas for the mower?) Not that we are 'CHOOSING' not to pay these things, we are without choice to put them off for another day. We can't pay for something from imaginary funds. Things happen... They happen to us all.
I am going to share a personal story with you. . .
My husband and I bought our current home 4 years ago with 826/840 credit scores and a 2.25% interest rate. This was a week before the world shut down due to covid. This isn't me bragging. On the contrary, this shows how quickly things can change.
Then it hit, 20 months ago, The first of 4 surgeries in my house. I was out of work for months, but we made it through. Then the next was my husband. He was supposed to be in physical therapy for 30 days and then back to work. Let's just say, that turned into 3 months of physical therapy at least once a week, not working, at $50 a session. Then it was back to me for the last 2 surgeries. First I want to say,Thank God we are all healthy and okay now! I barely worked for almost a year.
Although every one of these was medically necessary, the surgeries had to be done in an out-patient setting because it didn't require an overnight stay. It had to be paid up front. Between $8000 deductibles ( If you are trying to do the math, that's $32,000 dollars in deductibles and another $9,200 in my 20% after the deductibles were met. We aren't even going to go into specialist $50 copays.
We acquired an incredible amount of debt on top of the rising cost of EVERYTHING. To top it all off, the creditors are suing us for not paying fast enough.
For my family, we are opting to restructure our debt. It is something the law allows you to do and seems to be a straightforward process so far. Still paying it, just not on the creditor's timeline.
The point of me being transparent with you is to let you know you truly aren't alone in this economic struggle. This economy coupled with 1 illness, rent going up $100, that summer FPL bill, etc.. is a scary thing for people and I understand.
We can and will continue to help eachother where we can. It's community.That's what Margate Neighbors do.
Thank you all for continuing to love your neighbor.