Recent studies found that when people get assistance after a natural or personal disaster, they are more likely to avoid bankruptcy, keep their debt under...
A handful of studies found that when people get assistance after a natural or personal disaster , they are more likely to avoid bankruptcy, keep their debt under control, go back to work, and increase their earnings.
The loans spanned from 2005 to 2013, capturing on the front end Hurricane Katrina that devastated the Gulf Coast and, on the back end, Superstorm Sandy that hammered New York and New Jersey. The average balance on the 20-year disaster loan was $42,000 with an interest rate of 2.7% and average monthly payment of $230.The question for Colliers was if it was smart to lend to people who just experienced this disaster and all the expenses that came with it.
"Tornadoes can cause tremendous damage, but it's very localized. It's almost like block by block or house by house," Gallagher said. What they found is that first, there are no negative effects on work — a common concern among some lawmakers who worry that assistance like this can be a disincentive to work. That's not the case, according to this study.
But the idea of emergency savings ignores the reality of some people's circumstances. In the study looking at housing aid, the average income of the callers to the hotline was $12,000 a year, according to Phillips, a
Montana State University Hurricane Helene Ben Colliers Personal Disaster Federal Disaster Temple University Gallagher Assistance David Phillips Natural Disasters Property Damage Homeowners Insurance Federal Assistance
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