By Ines Mato
The devastation caused by Hurricane Sandy has the potential to reduce household income for many.
New York City has roughly one million minimum wages 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; after deducting taxes and hurricane-related expenses that figure can be knocked down considerably. The annual savings rate for most American is about 1%, leaving little in the bank for emergencies.
New Jersey residents are facing a similar situation. The mean weekly gross income is $991.20, but when factoring in the cost of gas, hotel rooms and basic supplies they could be left with only about $400 to cover other expenses.
If you live in a FEMA-declared disaster area, you can be enrolled free of charge in Consolidated Credit?s debt management program and have fees waived until completion of the program.* If you are financially vulnerable from the storm and need help, you should call Consolidated Credit?s counseling hotline at 1-800-SAVE-ME-2 (800-728-3632) for free financial advice.
?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.
Dvorkin advises consumers to take the following steps:
?Start an emergency fund. It sounds like a very simple idea, but you need to be committed to implementing it. Deducting $20 per pay period will add up to $1,000 by next September.
?As far as working with contractors, you must be very careful. You should get estimates from more than one licensed, bonded, reputable contractor and check licenses and permits; get contracts in writing and find out what neighbors are paying for similar work. Also, paying as the work gets done, not up front, is another practice you should follow.
?Make a list of possessions and take photographs of them. A private appraiser can be hired to back up the claim.
?Filing a claim immediately is crucial. If insurance company phone lines are busy and you can?t get through, the claim needs to be filed online or in person with an agent.
?If you are a victim of the hurricane, you should write down every conversation with their insurers. Write down dates, time and conversation descriptions in case you need to file a complaint later on.
?After necessary repairs have been made, if you used credit to pay for repairs, live on cash and not incur new credit card debt.
*Fees incurred from direct debit bank account payments are unable to be waived.
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