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Consolidated Credit Helps Consumers Cope with Financial Devastation Caused by Hurricane Michael

FORT LAUDERDALE, Fla–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 fee waivers on Debt Management Plans. 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, the cost of a natural disaster can force people to max-out their credit cards and exhaust their financial resources,” said Gary Herman, President of Consolidated Credit.

Hurricane Michael made landfall as a Category 4 hurricane on Oct. 10 near Mexico Beach, FL. It was the strongest tropical cyclone to hit the Florida Panhandle in recorded history and the fourth strongest Atlantic tropical cyclone to hit the U.S. mainland.

“Credit is a great tool for dealing with emergencies, but I want to caution everyone to pay close attention to their budgets 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 Herman.

Consumers who would benefit from a Debt Management Plan and live in FEMA-declared disaster area will be enrolled free of charge and have fees waived until completion of the program, which is normally 3 to 5 years. *

The devastation has the potential to reduce household income for many.  The average median household income in Northwest Florida is $47,501 which is 22 percent under the national average, according to data by the Florida Great Northwest regional economic development organization for the Florida Panhandle.  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 1-866-395-7198.

About: Consolidated Credit is one of the nation’s largest credit counseling agencies. In 25 years, they have helped over 6.5 million people overcome challenges with debt and other financial issues. Their mission is to assist families throughout the United States to end financial crisis and solve money management issues through education and professional counseling.

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