Articles Posted in financial wellness

People want to have control over their financial wellness. Every ownership creates a sense of optimism and well-being that positively affects behavior. It is sad, but there are many who are so confused about their finances that they feel trapped in a downward spiral.

These individuals make a decent income. Their challenge is not having a budget to monitor cash flow. Medical emergencies can become crises and credit card debt may run out of control. Millennials have the added burden of excessive college debt. Some form of support would be deeply appreciated. Countrywide Pre-Paid Legal Services knows how the right assistance can resolve problems. We have a Financial Wellness Plan that organizations can offer to employees. Our benefit has very important tools to improve financial health.

Data Collection and Organization

Countrywide has a nationwide network of certified counselors. These professionals are the front-line Countrywide service providers. They will work directly with plan members. Continue reading

Too many college graduates are facing the real world with a major burden pressing them down. The cost of college has soared over the years, forcing many young people to take out sizable loans to pay for the education. There comes a reckoning after graduation. The young person is confronted with a mortgage-sized obligation.

That will affect financial wellness. The monthly payment can be hundreds of dollars; money some people do not have. Not quite knowing what to do, a recent graduate will make some poor decisions such as forbearance or filing for bankruptcy. These choices are brought on by panic and can be avoided. There is a way to manage the college loan debt, but it takes knowing what precisely to do. Countrywide Pre-Paid Legal Services offers professional assistance in handling the loan monster.

Financial Wellness Does Not Have to Be in Danger

There certainly are options available to anyone facing college loan payments. There are payment plans that are income based and allow the debtor to reasonably afford repaying the loan. It is possible to get a reduction in interest rates through an auto-debit plan. There is even the ability to get loan forgiveness depending on the circumstances. Continue reading

American consumers thrive on plastic. Credit cards are preferred over cash despite the double-digit interest rate those cards will charge. There isn’t a problem if a person pays attention to the balances. Financial wellness will suffer if an individual ignores the credit debt creeping skyward.

Trouble Has Many Sources

It is not fair to say a card user is an impulsive shopper with no fiscal awareness. Sometimes a major expense, such as auto repair, happens. The debt balance rises accordingly, and spending habits are not adjusted. People will also grow accustomed to paying for common items, such as groceries, with Visa or MasterCard.

A person who loses control of his or her credit card can feel overwhelmed and anxious about finances. Countrywide Pre-Paid Legal Services is aware of customer anxiety and wants to help. We have a Financial Wellness Plan employees may use to their advantage. Continue reading

Medical costs are rising with no chance of them dropping in the future. Management is trying to slow the process of inflation with various forms of cost-containment. Medical cost cuts into profits but decision makers must be aware of how healthcare bills affect the rank-and-file. An employee’s financial wellness can be at risk.

Deductibles Don’t Contain Personal Cost

The standard health plan deductible is now $5000 or more. Anyone who has surgery or physical therapy may face a substantial bill for treatment. A lack of understanding can result in poor decisions on how to manage the payments. Failure to pay will cause collection agencies to call and threaten consequences.

Countrywide Pre-Paid Legal Services understands the challenge employers face with medical costs. Higher deductibles are better than cutting services and there is little chance of a reduction in deductibles. We suggest an organization consider a financial wellness plan to help employees better deal with deductible expense. We offer a plan which includes assistance with medical bills. Continue reading

Young employees arrive with enthusiasm and technical expertise. They want to hit the ground running and contribute to an organization’s success. Employers like this and an organization will benefit if the new employees can focus on their projects. It is hard to do that if a person’s financial wellness is in trouble.

The Education Cost

College expense is a fright. Tuition for four years can be in the six figures and loans are required to pay the education bill. Young graduates don’t worry about payments until the grace period is over. Reality then hits like a tidal wave. Monthly payments might be as high as a home mortgage. This is in addition to rent, auto loans, and other expenses a new graduate must manage.

Young employees often lack good financial skills. Such knowledge is not offered in school curriculums and a graduate struggles in a sea of confusion. He or she makes some serious mistakes because of ignorance. Forbearance is a common way of avoiding debt, but the figures only grow and will not go away. Continue reading

Young employees are not irresponsible. They know they must pay their bills and live within their means. Unfortunately, the real-world hits them with a major challenge that affects their overall financial wellness. It is college debt.

Skills Are Acquired at a Cost

Young employees are social media savvy and have technical skills to boost an organization’s productivity. The achieved expertise comes at a price. Many college students go into major debt to finance their education. The final total may be in the six figures and can take years to finally pay off.

The paycheck is there but too many college graduates do not understand personal budgeting. Attempting to be responsible, a new employee might send a large payment to the college creditor and this might cause issues with other bills. Continue reading

Medical bills can unnerve even the most patient person. The cost of surgery or even simple procedures can be in the thousands of dollars. The size of a medical bill can cause people to make decisions that will impact financial wellness. The choices a frantic person makes can be devastating.

Decisions Made in Haste

Some people think that they can ignore the medical bill and pay it sometime in the future. It is an open invitation to have collection agencies make their obnoxious phone calls, and credit ratings can drop significantly for anyone who neglects to pay the medical bill. The second worst decision is to use a credit card. Doing that can add thousands of dollars to be paid off with double digit interest rates and using a credit card may not be necessary. Anyone who is looking at a sizable medical bill needs some good advice and guidance. Countrywide Pre-Paid Legal Services can offer the kind of assistance a person can use. Continue reading