( ENSPIRE Community Spotlight ) National Foundation for Credit Counseling (NFCC) Launches “Make it R.E.A.L” (Renter Equity at Last) to Address Renter Insecurity Across the Country
ENSPIRE Contributor: Wesley Tran
A new campaign from the National Foundation for Credit Counselling (NFCC) is being launched to combat the steady increase in U.S. housing insecurity. U.S. housing insecurity has dramatically increased in recent decades and its effect on mental health, financial systems, and neighborhoods is increasingly felt. After all, a lack of stable housing can impede interpersonal relationships as well as the ability to work or pursue higher education. Like other forms of socio-economic bias, housing insecurity is disproportionately experienced by Black women.
New Survey reveals 62% of American renters feel insecure about their current rental housing. To combat this ongoing issue, National Foundation for Credit Counselling (NFCC), supported by the Wells Fargo Foundation, aims to reverse this trend. The “Make it R.E.A.L.” campaign raises awareness about housing instability and the unique challenges renters face. Through financial education, testimonials, and inroads to debt management counseling from authorized NFCC-certified credit counselors – both in-market and via tele-sessions – the campaign aims to mitigate involuntary moves such as notices, evictions, and liens and make housing stability real for all.
“Post-COVID-19 rent moratoriums have uncovered a pressing need to assist individuals and families facing housing instability,” said Barry Coleman, Vice President, Program Management and Education, at NFCC. “With our partners at the Wells Fargo Foundation, the NFCC launched a summer campaign to educate the public about the instabilities renters face and drive awareness of the resources available to them through the NFCC.”
The Census Bureau reliably estimates 36% of the nation’s households rent. The NFCC recently surveyed over 2000 U.S. renters about their experiences, goals, and fears; key findings include:
- Fifty percent of renters have some kind of personal experience with eviction. For Black Americans, that number increases to 57%;
- People 35+ are more likely than people under 35 to blame the tenant (57% to 41%) in landlord-tenant issues;
- Only 36% of people feel they fully understand their “rights and opportunities” when it comes to eviction;
- The dominant emotion associated with eviction is “sadness;”
- Half of those surveyed (50%) aren’t aware that financial literacy and debt management programs for renters exist.
Housing instability starts with the inability to pay rent, consistent relocation, overcrowding, and excessive spending on housing. According to Bloomberg, eight million rental households are currently behind on their rent, with Black families in Southern states experiencing the highest rates of housing hardship. As a part of the campaign, the NFCC will focus on educating renters about their options and opportunities. The organization helps consumers develop comprehensive financial plans to address credit card debt, student loans, and medical debt. By combating unsecured debt, individuals are better positioned to prevent eviction or foreclosure.
National Foundation for Credit Counseling (NFCC), founded in 1954, is the oldest nonprofit dedicated to improving people’s financial well-being. With 1,215 NFCC Certified Credit Counselors serving 50 states and all U.S. territories, NFCC nonprofit counselors are financial advocates. They worked to empower millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions, and overall money management. To create a world where people are not left in the dark about how to manage their money and their debt.
To learn more about the “Make it R.E.A.L” and the NFCC, visit their website!
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