While New Jersey may only be ranked 47^th out of the 50 states when it comes to size, its close proximity to New York and miles of coastline have made it a popular place to live and vacation in. As of 2013 it was number 11 out of the 50 states for its growing population that topped 8,899, 339, according to US census data.

Male and female residents are almost even comprising 48.7 and 51.3 percent respectively. 68.6 percent of the population is listed as “Caucasian”, according to 2010 US census information, with African Americans making up another 13.7 percent. Asians account for 8.3 percent of the population, with Hispanics making up another 17.7 percent. Over 76 percent of residents are over the age of 18, and 13.5 percent are 65 or older. The average age of residents in New Jersey is 39, which is good news for the state which is in need of skilled labor as it still tries to rebuild from devastating storms and floods.

When it comes to the state’s credit rating it is evident that the state is still struggling, and this also affects residents in almost every aspect of their lives. In the last few years the credit rating for the state has been revised several times, and is now currently listed as “negative”. With its low credit rating the state will find it difficult to get the funding it needs to continue to recover from storm damage, and continue to provide residents with the help they might need to get back on their feet again. Even though Buy Here Pay Here lots are springing up across the state ready to help residents purchase a car, the recent downgrades in the state’s credit score could make it difficult for some people to even be approved for a subprime loan.

http://www.infoplease.com/us-states/new-jersey.html

As of 2013 New Jersey had the second highest average annual income at $71,637, according to the American Community Survey estimate. While this might seem like good news for a state that has experienced several economic hardships in the last few years, the wealth is not spread out evenly across the 21 counties. In fact there are only three counties that can boast higher than average annual incomes, which means that the rest of the small state is still struggling to make ends meet. In Cumberland County the average household income is listed at $51,530 compared to Hunterdon County at $105,880.

The cost of living in New Jersey also varies depending on where in the state you live. The Atlantic shore is typically more expensive, along with the areas of the state that share a border with New York. On average one adult will spend over $3,000 on food annually, with another $11,000 going towards rent. If you fall in the lower brackets for your average annual wage, it can be difficult to make all of your bill payments on time.

This can leave residents with very few options other than the financing offered at Buy Here Pay Here lot when they are ready to purchase a new or slightly used vehicle.

It is important to remember that these figures can and do frequently change depending on a number of factors. In 2014 the state of New Jersey was ranked 22 out of 50 for the number of personal bankruptcy filings which were reported at 304 per 100,000 residents. While some of this is due to failure to pay medical expenses, the housing market and subsequent falling stocks in 2008 also contributed to a large number of residents filling for Chapter 7 or Chapter 13.

It is not only residents who are seeking relief from mounting debt, but an abnormally high number of businesses have also declared bankruptcy in the state. The number of developers seeking protection from Chapter 11 has also been rising since 2008. Part of this is also due to the housing market collapse, along with the extensive damage that was caused by hurricane Sandy and additional coastal flooding that has become more common in certain areas as a direct result of the storm.

Even though filing for Chapter 7 or Chapter 13 can provide residents with some relief and even allow them to keep possession of their homes and vehicles there is a downside to bankruptcy protection. It can and will stay on a credit report for at least 7 years, according to Experian, which can make it difficult to be approved for any type of loan. In many cases the only option left to residents is to take their chances with a subprime loan offered at a Buy Here Pay Here lot. While the interest rates will be higher, making the payments on time will help establish credit and slowly start to raise your overall FICO score.

http://www.worldatlas.com/articles/highest-personal-bankruptcy-rates-in-the-us-by-state.html

http://www.bankruptcylawyer-nj.com/bankruptcy-statistics/

As of March of 2016 the state of New Jersey saw its unemployment rate fall to just 4.4 percent, which is well below national averages. According to data released by the United States Bureau of Labor Statistics (BLS) there were 78,800 jobs added in just the twelve month period between 2015 and 2016. This is good news for a state that has suffered several economic downfalls that include the destruction of many businesses along the Jersey Shore, which includes Atlantic City.

With more residents gaining employment it is easier to deal with some of the higher costs of living, which can include astronomical rent and mortgage payments depending on where you live in the state. The cost of living is higher in affluent counties like Hunterdon, and along the coastline. In these areas where the average minimum wage is still $8.25 an hour, it can still be difficult for residents to pay all of their bills on time.

In these cases many residents are finding that their best option is to apply for an auto loan through a Buy Here Pay Here lot. Not only are their chances of being improved dramatically increased it is also an excellent way for them to start rebuilding their credit, while ensuring that they can get to work on time.

According to Experian Automotive the number of defaulted vehicle loans for prime and subprime borrowers only rose to 0.86 percent in July of 2015 compared to 0.85 in 2014.

Buy Here Pay Here dealerships and traditional financial institutions are now more likely to approve a subprime auto loan, even for residents who have missed payments or a prior repossession on their credit reports. This is particularly helpful for residents who are in desperate need of a dependable vehicle to get them to work and back. Part of their willingness to approve subprime auto loans stems from the recent surge in available jobs, and this is also having a positive effect on the state’s economy. While it will still take years for the state and majority of its residents to completely recover financially, the drop in vehicle repossessions is being seen as a positive sign that the recent recession is finally ending.

http://www.cnbc.com/2015/10/14/repossessions-spike-66-as-foreclosure-crisis-lingers.html

http://www.northjersey.com/news/business/subprime-auto-loans-hitting-a-new-gear-1.1409062?page=all

Between 2007 and 2008 the state of New Jersey felt the same devastating effects of the housing market collapse as the rest of the country. Boarded up windows in Trenton is still a common sight and as of 2012 it was reported that 21.5 percent of the city’s homes were in foreclosure. Atlantic City saw many of its casinos close, which were also a major contributor to the state’s economy and this loss in revenue even affected law enforcement agencies.

Adding to the state’s financial hardships was the $30 billion in losses attributed to Hurricane Sandy. Not only did this massive storm damage or destroy an estimated 346,000 homes and businesses, it also resulted in the deaths of 37 residents. Cape May County was completely evacuated, and businesses along the boardwalk in Atlantic City were closed before being destroyed in wind and water. Logan Township and Jersey City also called for the evacuation of some area residents, and suffered extensive damage due to high winds and storm surges.

When these events are combined it is easy to see why the Garden State is finding it difficult to make a complete economic comeback, even though new jobs are coming in. Thousands of vehicles were destroyed or damaged during the storm, and it was not uncommon for residents to realize that their insurance didn’t cover everything. In many cases people found that they only way they could hope to replace their lost vehicles were through a high interest loan offered at the Buy Here Pay Here lots.

Jersey and Atlantic City are known for its casinos, beaches and iconic amusement parks, which also contribute millions of dollars to the state economy. Hospitality and service jobs are numerous in these areas, and with revitalization efforts ongoing to repair the extensive damage due to Hurricane Sandy and recent flooding due to the loss of the protective sand barriers construction companies are also hiring.

The city of Newark also boasts a thriving business district, though some of this is due to its close proximity to NYC. Shops and restaurants are common sights in the small downtown area, along with several larger businesses that are leaving New York and moving to the less expensive Newark business district. This is also resulting in higher paying jobs that can help New Jersey residents begin to recover from the financial hardships of the last several years.

Another business district that contributes to the state’s economy is located in Camden. Home to several top research facilities, the Campbell Soup Company also calls Camden’s business district home. Rutgers University is also located in the small city, along with one of the main headquarters for Susquehanna Bank.

When it comes to public transportation in New Jersey it really does depend on where you live in the Garden State. Those living close to NYC often have access to several commuter trains that do make stops on the way to the “Big Apple”. Camden, Trenton and Newark each have public buses, and the Amtrak trains also make stops in Atlantic and Jersey Cities. This has given these areas a public transportation score of 70, according to Redfin, but this number will be much lower in the state’s more rural areas.

The New Jersey Transit Corporation does provide public transportation services to all of the state’s 21 counties, but it is limited. Trains do not always run hourly, and busing is usually restricted to immediate areas. Somerset and Sussex Counties do have a rail system, along with Warren County, but once again service and stops are limited and do not always coincide with where residents need to go.

Overall if you want to successfully get around in New Jersey a vehicle is almost a necessity, especially if you want to get to work on time. Not only will a vehicle get you to and from work, it will also save you the countless hours that you would’ve spent sitting in one of the commuter trains.

https://en.wikipedia.org/wiki/Camden_Central_Business_District (public transportation)

http://news.theregistrysf.com/31046-2/

http://www.publictransportation.org/tools/local/Pages/NewJersey.aspx

With 61 large cities and a state walkability score also at 61, most residents agree that if you need to run errands or get to work a dependable vehicle is a must. Not only do residents have to contend with seasonal changes which can average from sweltering hot summer days to freezing winters, there is also a noticeable lack of sidewalks and bike lanes outside of established neighborhoods. While the local parks are great for exercise, it is not really helpful if you need to get somewhere in a hurry.

Hoboken and Union City do have walkability scores in the 90’s, but when you get to Trenton it drops down to 73. The worst cities in New Jersey for walking include Toms River and Somerset, but it is even harder to get around in Tinton Falls which has a walkability score of 17. If you are lucky enough to be able to afford living in one of the business districts it might be possible to get around on foot, but in general a vehicle is a necessity in the Garden State.

With 21 counties and 61 cities there are currently 1,355 school districts in New Jersey, and the ratings vary widely across the state. Smaller school districts like School 28 in Paterson and Princeton Charter School in Princeton are two of the top rated education systems in the state, while the larger Camden City Public School district was ranked the lowest in New Jersey.

Belmont Runyon Elementary School in Camden is one of the lowest ranked, and it is also interesting to note that 87 percent of its students are eligible for the district’s “free lunch” program. This is also true of other school districts with low rankings, and this indicates that children in poorer neighborhoods are not getting the same quality of education as students who live in middle to upper class areas.

This not only affects students while they are enrolled in school, but also when they begin to seek employment. Without the education needed to secure higher paying jobs, many of the state’s residents will see their financial problems passed down to younger generations. Not only does this affect residents on a personal level, but the state will also feel it financially when it has to continue to provide additional assistance

There are several public assistance programs that New Jersey residents can take advantage of. The state and federal government can provide assistance to residents who need help paying utility bills, rent and even mortgages. Food stamps and clothing can also be provided for residents in need, along with temporary housing for those who lost their homes due to storm damage or foreclosures.

One program that more residents need to be aware of offers credit counseling and can provide some limited debt relief. While this might not be enough to instantly raise credit scores it will teach participants how to better manage their money. With a little time and effort residents can slowly rebuild their credit, which will result in lower interest rates when they are ready to apply for a car loan. Some of the phone numbers for these programs include,

Home Energy Assistance: (800) 510-3102

SNAP Food Stamps: (800) 687-9512

Atlantic County Welfare Agency: (609) 348-3001

http://www.state.nj.us/nj/community/assistance/

http://www.benefits.gov/benefits/browse-by-state/state/171

One of the main causes for foreclosures and auto repossessions is the inability to make payments due to medical expenses. For families that cannot afford health care or even insurance the state has several programs that can help. Not only will this ensure that everyone in New Jersey gets the health care they need, it can help residents avoid the late payments and even repossessions that can affect their credit for years. Some of these programs include,

NJ Family Care: (800) 701-0710

Senior Prescription Assistance and Health Care: (800) 792-9745

NJ Medicaid: (800) 356-1561

Along with visiting Liberty State Park and touring the iconic Statue of Liberty, there are plenty of fun activities for residents to participate in. Gambling in the few remaining casinos in Atlantic City is still a popular pastime, and the boardwalk and amusement park have also reopened after being destroyed in 2012. This also means that the annual Nathan’s Hotdog Eating Contest is still held in Atlantic City every Fourth of July weekend.

Cape May is the perfect place to visit in the summer with your family, and Newark is home to great jazz and an annual music festival. If you want to try some great tasting beer and dance the night away at some of the state’s hottest nightspots you will want to visit Hoboken.

Even though New Jersey has gone through a few financial disasters the state is quickly coming back. New jobs are pouring in and median annual salaries are slowing rising to meet the higher costs of living, which indicates residents are starting to “get back on their feet”. This doesn’t mean that everyone is financially stable or that all residents have strong credit ratings, but this does make it easier for them to be approved for a subprime auto loan. Even though paying the higher interest rates offered at the Buy Here Pay Here lots can be painful it is also a great way for New Jersey residents to start rebuilding their credit, and ensure that they can get to their jobs on time.