July 28th 2023.
Nearly two-thirds of renters have reported feeling insecure about their current housing situation, and the National Foundation for Credit Counselling (NFCC) has recently launched an initiative in order to combat this trend. The Make It R.E.A.L. program, supported by the Wells Fargo Foundation, is intended to raise awareness about housing instability and the challenges renters face.
Barry Coleman, the NFCC's vice president of program management and education, has commented on the pressing need for assistance for individuals and families facing housing instability due to the COVID-19 pandemic. He has noted that the NFCC's summer campaign is intended to educate the public about the resources available to them, and provide help via financial education, testimonials, and debt management counseling.
In addition to this, Bloomberg reports that 8 million rental households are currently struggling to pay rent. Black families in Southern states have been hit particularly hard, with fifty percent of renters having had personal experience with eviction, and this figure increasing to 57% for Black Americans.
The NFCC survey of more than 2,000 U.S. renters has also revealed some key insights. People over the age of 35 are more likely than those under 35 to blame the tenant in landlord-tenant issues. Additionally, only 36% of people feel they fully understand their rights and opportunities when it comes to eviction, and the predominant emotion associated with eviction is sadness.
Make It R.E.A.L. hopes to increase awareness of the financial literacy and debt management programs available to renters. By providing comprehensive financial plans addressing credit card debt, student loans, and medical debt, renters will be better equipped to combat unsecured debt and put themselves in a better position to prevent eviction or foreclosure.
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