Financial
lives of superstorm Sandy victims are in lying shatters. As a result
of the damage caused by the hurricane, household incomes of the
people have taken a beating. Cities like New York, New Jersey and so
on have millions of people who are ordinary wage earners. Moreover, a
good number of them leave from paycheck-to-paycheck and so,
recovering from such an enormous financial loss has become
practically irreconcilable. Due to the rising national debt and
reducing monthly income people are forced to consolidate
credit card debt
since they do not have sufficient funds to make their both ends meet.
The
average weekly income of people in New York City is found to be
$1,016. This amount has been deduced after subtracting the taxes and
costs of repair works post-Hurricane Sandy. It is shocking to learn
that annual savings rate of a good number of Americans is more or
less 1% which is insufficient to meet such a colossal expense of
rebuilding a wrecked house.
The
problems are similar elsewhere as well. For instance, New Jersey
another major victim of the super storm has been severely hit both
physically as well as financially. The average weekly gross income of
the New Jersey is approximately $991.20. However, this figure further
goes southwards ($400) if other essential expenses are taken into
consideration.
Hence,
people who have exhausted their credit card funds and don’t have
the means to make the payments can opt to follow the below mentioned
tips.
Credit
card consolidation tips
These
tips will help debtors to manage their debt obligations on their own:
-
Debt
list –
Debtors must create a list of all the outstanding balances and their
respective creditors. Details like monthly payment deadline, rate of
interests, loan amount, etc should be mentioned in the list.
-
Savings
–
Hurricane victims should try to build up a good 401(k) account, have
good funs in checking accounts, savings accounts and so on.
-
Cost
reduction – This
is very important for all the debtors since it will not help them to
recover from debt, if they keep on adding new debts. One should
transfer high interest credit cards into a zero-interest credit card
or low interest credit card.
-
Insurance
coverage –
People with adequate insurance coverage should file their claim as
soon as possible. The funds received from the insurance company will
act as financial support.
Finally,
debt consolidation loan is a great option for the cash-strapped
people. They can settle all their outstanding balances from this loan
money. This will help them to streamline their multiple payments into
one single payment. As a result, debtors will be able to manage their
financial obligations efficiently and save a good amount of money on
interests.