All is not lost in the floods

While some may have already put the crisis behind them and returned home, many are now seeking a way to rebuild their physical, emotional and, most importantly, financial lives. 

Flood protection measures for households, ranging from stocking up on food and necessities to buying piles of sandbags, building concrete walls and wrapping cars with plastic sheets, have resulted in unprecedented expenses, which were even higher for evacuees. Without any other choice, many of us have loaded ourselves with debts, especially after prices shot up due to limited supplies.

However, there is light at the end of the tunnel. Many organisations have stepped up to offer a helping hand in flood-affected areas. Some businesses’ relief campaigns are directly related to their products, as they are offering price reductions, free services, or instalment payment plans with low interest rates. 

Financial institutions that have no tangible products have something else to offer. 

Credit card providers are acting as a channel for the public to send their donations to flood victims. Card members can redeem their bonus points for cash to donate to their favourite charity. Meanwhile, many card members who have become flood victims themselves are inundated not only by filthy water but also by debts, and are in need of extra cash flow.  

Many banks and credit card operators have foreseen this and deployed several measures to relieve their clients’ financial difficulties. Those relief measures range from lowering the minimum monthly payment to 1 per cent of the total bill, extending the payment due date, offering a special installment payment rate on home improvement items, or a special arrangement for other needs.

However, card holders are not the only customer group that needs immediate help. Business operators, especially those in the tourism industry, have also been affected by the deluge, with travel agencies and hotels facing countless cancellations over the November-January high season. 

Retail businesses are also suffering as fewer people are in the mood to enjoy shopping for the festive season.

Banks and credit card companies, working closely as supporters of these business operators, are playing a more active role by turning promotion campaigns into CSR events. Together they have come up with aid programmes to help flood victims and evacuees, such as promotional long-stay rates at partner hotels. Some members’ leisure activities, which previously served as customer relationship management programmes – eg, cooking or DIY projects – can now be turned into stress-reduction workshops or vocational training for flood victims.  

All this support should help to bring us a speedy recovery from this dire situation.

 

Janejit Ladpli is vice president in the Travel & Leisure Marketing Division, Krungthai Card (KTC).