You can think of credit as a necessary evil. Credit cards are essential for establishing the credit ratings needed to apply for significant loans. However, a person might get used to buying everything, including groceries, with plastic. Overdependence on credit cards may harm someone’s financial wellness.
There Is Danger in the Balance
It’s no secret that banks and lending institutions make money from credit cards. Double-digit interest rates and penalties for late payments will provide sizable profits. Retail stores encourage using credit cards since people purchase more when they use plastic. It is easy to accumulate a credit card balance that gets out of control.
Young Employees Don’t Understand Financial Wellness
The real world is a classroom without textbooks. People learn from good and bad experiences. Millennials and Generation Z college graduates are not familiar with finances. They’re always in a rush and those cards are convenient ways to pay for a purchase. Credit soon becomes the way everything is purchased.
Paying those monthly credit card bills will strain a person’s budget. A young employee might panic and look for ways to get out of trouble. Transferring balances to another credit card is an option. But, if that transfer balance is not paid after a specific period, the amount is subject to substantial increases in the charged interest rates. Consolidation plans also have penalties for nonpayment.
Good Advice Is Necessary
A young person pays for a lack of knowledge. An employer provides appreciated support if there is a benefit to help with personal finances. Countrywide Pre-Paid Legal Services has a Financial Wellness Plan that offers expert advice on handling credit cards.
Budget Analysis Ends Chaos
There is a nationwide network of certified counselors who will give help to struggling Plan members. Many of these employees have no idea how to budget and will live from paycheck to paycheck.
A Countrywide counselor will perform a budget analysis that identifies spending habits. A new, workable budget can then be created, and the credit card problem can be successfully addressed.
Countrywide counselors can suggest ways to pay off the debt mountain. They will point out the pros and cons of balance transfers and debt consolidations. The financial professional will gently guide a Plan member toward the goal of better financial wellness.
Empathy Helps
Young employees are sometimes embarrassed by their financial wellness problems. They want to be treated like adults and resent any stern lectures. Countrywide will not preach a sermon to anyone who is experiencing financial difficulties. We will respect all questions and treat everyone with courtesy. We want our counselors to show high levels of emotional intelligence. We insist on that and anyone with bad people skills is not going to be working with us.
The Role of the Employer
The decision-makers of the client organization are part of the process. We want these executives to look at our benefit options and decide which ones are best suited for their workforce. We will accept their decisions and include those choices in the final plan document. We have a streamlined administration that guarantees people get needed services as quickly as possible. Those plan members will also get the very best member services.
People appreciate what our financial wellness counselors do and give them credit for being helpful. We, on the other hand, give credit to those Plan members who are willing to take needed advice and act on the suggestions. It is not always easy to make changes in a personal budget, but our counselors give information based on years of experience. Employees who follow the counselor’s guidance will not be disappointed.
We will gladly answer any questions about our services. If you want to know more about us and what we provide, please feel free to contact us at your convenience.