Credit Card Debt Mounts for Victims of Hurricane Katrina

For many affected by the devastating impacts of Hurricane Katrina, basics such as food and shelter are top priority. However, with many people's places of employment having been completely washed away, money is tough to come by. In fact, since the hurricane, many individuals in transition mode have racked up hefty credit card bills, and are now facing the dilemma of trying to pay them off. With many Americans out of work and without food and shelter, credit cards have been bridging the gap between having a meal and hotel room, and going hungry on the streets. Also, in addition to mounting credit card bills, some are left to pay for losses, or mortgages on their homes, etc. leaving them in even harder financial times. That being said, some credit card companies are offering Katrina victims a little bit of grace. According to http://www.cnn.com/2005/US/09/14/katrina.credit.ap/index.html, credit card companies will be offering a little bit of relief to victims through providing periods of time without late fees, etc, with one company mentioned in the article even offering victims two months of grace before having any fees assessed. While some may think that is not enough grace time, I am personally amazed that credit card companies are offering any slack at all. Although it's not much time, perhaps victims will be able to get the financial counseling, or help from loved ones that they need, to shift things around for a while, before getting back on their feet. Until then, my thoughts and prayers are with the victims.


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Ava said...

I think that it is great that the credit card companies are helping the victims. But the price of living is high so they will still have a hard time paying their bills while relocating.

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-1 on Morgan's post for a poorly formatted link.

See my comments from the previous (and similar) post.

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