Big banks are offering some much needed financial relief to many East coast residents who were impacted by Superstorm Sandy. Banks such as Citi, Wells Fargo, Bank of America, Chase and American Express have been sending out e-mails and posting alerts on their websites, notifying credit card customers that they may qualify for special credit offers if they were impacted by the storm. And in certain cases, banks are being a little more lenient with their lending standards. In some cases the banks are offering increased credit limits even after the customer has recovered from the storm, such as Bank of America. These are likely to last only through the recovery process. Wells Fargo is offering personal loans to customers in FEMA-designated areas. The loans range from $3,000 – $25,000.
However, accepting the increased credit limit from your bank may not be your best option. If you have a high interest rate, it may be a better option to apply for a new credit card with a promotion for 0% interest for a certain period of time. If you’re leaning toward taking out a personal loan from Wells Fargo due to your home or car being destroyed, check with your insurance company first to see what is covered. Another organization that can help is FEMA. Oftentimes, FEMA temporarily covers rental payments for storm victims. Many nonprofits- like the American Red Cross- are also offering free assistance to storm victims, including meals, shelter and transportation.
To read more on this story visit: http://money.cnn.com/2012/11/02/pf/sandy-banking/index.html?iid=SF_PF_River
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.
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