| August 28, 2015

Hurricane Costs and Financial Losses can Devastate Floridians

The financial impact may overwhelm those living paycheck to paycheck, credit counseling service warns.

The expense for basic hurricane supplies can run into the hundreds and potential lost wages for Florida hourly workers can be devastating for those who live paycheck-to-paycheck. Consolidated Credit has a booklet about Disaster Planning that people can download free of charge, as well as some tips to help people weather the storm.

“Not all of the damage done by Florida Hurricanes is easy to see. The personal financial impact can stick around long after the storm passes and the lights are back on,” says Gary Herman, president of Consolidated Credit.

“With less than a week’s notice, the average family has trouble coming up with the money they need to buy supplies. Then throw in the cost of plywood, fuel for cars, and maybe even a hotel room due to home damage and you could add another $300 – $400 to the cost of basic supplies”

Consider that the average weekly gross income for Floridians is roughly $1,000; after taxes and other deductions that figure is knocked down to about $800 per week.  “Many families without an emergency fund tap whatever resources they have and credit can be a great tool, but I want to caution everyone to pay close attention to their budget,” warns Herman.

Money rules to get out of debt if you’re relying on credit cards for hurricane supplies and repairs:

  1. After hurricane season has ended start a “hurricane fund” for next year. Sock away $20 per pay period and you could have almost $1,000 saved by next August.
  2. After necessary repairs have been made, start to live on cash and stop incurring new credit card debt.
  3. Track your spending and carefully prepare a budget including fixed and flexible expenses.  For a free “Budgeting Made Easy” booklet.
  4. Transfer high interest rate balances to one card with a low interest rate and stop using the card while paying at least each months incurred interest plus the minimum due.
  5. If you are having a hard time paying your bills find out about Debt Management Programs by calling1-800-SAVE-ME-2 (800-728-3632).  You can organize debts into one low monthly payment, reduce or eliminate interest charges, and help restore credit ratings.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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