Disaster Recovery Costs Soar: Project Porchlight Reports 30% Increase in Expenses for Survivors
STAFFORD, Texas, Dec. 03, 2024 (GLOBE NEWSWIRE) -- In the wake of escalating natural disasters in 2024, Money Management International (MMI) has seen a dramatic increase in the financial hardships faced by survivors. Compared to 2023, the number of people seeking assistance from MMI’s Project Porchlight surged by 116% in October, reflecting the growing demand for post-disaster recovery support.
“Our clients are dealing with an unprecedented combination of challenges,” said Kate Bulger, Vice President of Business Development for MMI. “From skyrocketing housing costs to mounting unsecured debt, the financial toll of natural disasters has pushed many families to their breaking point. Project Porchlight is here to help them find a path forward.”
Key Insights on Disaster Recovery Challenges in 2024:
- Rising Expenses: Clients affected by disasters in 2024 report a 30% increase in recovery expenses compared to 2023, making it harder to cover basic necessities.
- Housing Struggles: On average, clients are spending 35% of their income on housing, well above the recommended 28%. This reflects the dual pressures of reduced income and a lack of affordable housing options after disasters.
- Debt Burdens: Survivors carry an average of $16,000 in unsecured debt, a 50% increase from 2023, further complicating their financial recovery.
How Project Porchlight Helps
As a free service, Project Porchlight is designed to guide disaster survivors through their financial recovery. Services include:
- Personalized Recovery Plans – Tailored strategies to manage expenses and prioritize recovery.
- FEMA and Insurance Assistance – Expert help navigating complex application and appeals processes.
- Debt Management Support – Tools to consolidate and reduce debt while rebuilding financial stability.
"Recovering from a disaster is never easy, but with the right resources, it’s possible to regain control and move forward,” added Bulger.
Join the Recovery Effort
MMI encourages disaster survivors to take advantage of Project Porchlight’s free services. For more information, visit www.porchlight.org or call 877-833-1742.
About MMI
Money Management International (MMI) has been at the forefront of financial health solutions for over 65 years. As a leading nonprofit organization, MMI is dedicated to changing how America overcomes financial challenges by offering timely and expert guidance. Recognized by major financial organizations and media outlets, MMI’s programs help individuals reach their financial goals and foster a life of financial wellness. Learn more at MoneyManagement.org.
To schedule an interview with Kate Bulger or an MMI client, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Jackie Callaway, 813.610.8241, Jackie.Callaway@moneymanagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
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