FORT LAUDERDALE, Fla., Nov. 15, 2012 /PRNewswire/ -- With repair costs, medical bills and reduced income, it's easy for the financial toll of the storm to last long after the debris has been cleared. To help, Consolidated Credit is offering discounts and fee waivers on Debt Management Programs. Credit counselors can offer free financial advice to those living on the financial edge and will help people gain clarity about what steps should be taken next.
"For those who were already struggling in this bad economy, the cost of a natural disaster can force people to max out their credit cards and exhaust their financial resources," said Howard Dvorkin, CPA, founder of ConsolidatedCredit.org and a native from Toms River, NJ.
"Credit is a great tool for dealing with emergencies, but I want to caution everyone to pay close attention to their budget and watch out for scams. Any person who is struggling with credit card debt is urged to contact Consolidated Credit to get free advice and use a Debt Management Program if appropriate," warns Dvorkin.
Consumers who would benefit from a Debt Management Plan and live in FEMA-declared disaster areas will be enrolled free of charge and have fees waived until completion of the program, which is normally 3 to 5 years. * The potential net savings for people in the affected areas could be as much as 1.4 million dollars.
The devastation has the potential to reduce household income for many. New York City has roughly one million minimum wage workers and for people who live paycheck-to-paycheck, the recovery and paying their day-to-day expenses may be difficult. The mean weekly gross income for New Yorkers is $1,016 and for New Jersey residents its $991.20; after deducting taxes and hurricane-related expenses that figure can be knocked down considerably. The annual savings rate for most Americans is about 1%, leaving little in the bank for emergencies.
People who are financially vulnerable from the storm and need help should call Consolidated Credit's counseling hotline at 1-800-SAVE-ME-2 (800-728-3632).
ConsolidatedCredit.org is one of the nation's largest credit counseling organizations and has helped over 5 million people. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling. *Fees incurred from direct debit bank account payments are unable to be waived.
Media Contact: April Lewis-Parks
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Howard S. Dvorkin: http://www.profnetconnect.com/howard_s._dvorkin
SOURCE Consolidated Credit