Financial Aftermath of Hurricanes Helene and Milton Leave Many Americans Struggling to Recover

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Oct 15, 2024, 15:50 ET

Hurricane costs and financial losses pose long-term challenges for residents, warns Consolidated Credit.

FORT LAUDERDALE, Fla., Oct. 15, 2024 /PRNewswire/ -- The devastating impact of Hurricanes Helene and Milton has left many families dealing with property damage and overwhelming financial stress. From Florida to North Carolina, millions are grappling with the costs of recovery, including lost wages, expensive repairs, and unexpected bills. Consolidated Credit, a nonprofit organization, is urging people to take steps now to protect their financial well-being in the aftermath of these powerful storms.

The average expense for basic hurricane supplies alone is estimated to be in the hundreds, but the true cost of these natural disasters is often far greater. Widespread power outages, gas shortages, and severe flooding have caused countless businesses to close, leading to a ripple effect of lost wages and financial hardship across multiple states.

"Credit cards can be a lifeline during emergencies, but for families already living paycheck to paycheck, these hurricanes can push them to the brink of financial ruin," says Gary Herman, President of Consolidated Credit. "Not all the damage caused by hurricanes is visible. The financial fallout can linger long after the power is restored, and the debris is cleared."

Consolidated Credit is offering free counseling services and guidance on how to manage debts and finances during this challenging time. Residents impacted by Hurricanes Helene and Milton can reach out for assistance at 1-844-331-7534. Certified counselors are available to help families create a recovery plan and avoid falling into deeper financial trouble caused by excessive debt.

"Many families without an emergency fund have had to rely on credit cards or other resources to cover the costs of preparations, evacuations, and repairs; this is often during a time of lost income," Herman explains. "While credit can be a helpful tool, it's crucial to monitor your budget closely and make a plan for paying down any debts accumulated during the storms."

Consolidated Credit has provided the following tips for those struggling to recover financially after Hurricanes Helene and Milton:

Consolidate High-Interest Debt: If you have high-interest credit card balances, consider transferring them to a card with a lower interest rate and focus on paying down the balance by covering at least the minimum payment plus the interest each month.
Explore Debt Management Programs: Plans may be able to consolidate your debts into one low monthly payment, reduce or eliminate interest charges. Paying down debts this way should also improve your credit score over time.
If You Lost Your Job, Seek Assistance: Florida residents impacted by job loss due to the hurricanes can file for unemployment benefits through the Agency for Workforce Innovation by calling 1-800-204-2418.
Start a Hurricane Fund: Once hurricane season ends, start putting aside a small amount, such as $20 per pay period. By next year, you could have a solid emergency fund of over $1,000.

"We want to ensure that families have a financial recovery plan in place," Herman says. "A natural disaster can wreak havoc on your budget, but with the right strategies, it doesn't have to lead to long-term financial disaster."

For more information on how to rebuild your finances after Hurricanes Helene and Milton, visit https://www.consolidatedcredit.org/financial-news/disaster-relief/ or call the free counseling hotline at 1-844-331-7534.

About Consolidated Credit
Consolidated Credit is a nonprofit organization dedicated to helping families and individuals overcome debt and achieve financial stability through education, counseling, and personalized financial strategies. Since 1993, Consolidated Credit has helped over 10 million people find solutions to their debt challenges and build a brighter financial future.

SOURCE Consolidated Credit