We all need to better understand how credit card debt accumulates. A person using the plastic is not always a compulsive buyer. Retail stores and other establishments encourage use of credit cards and make it very easy for their use. The primary reason is that anyone who uses credit cards will probably spend more than they originally intended to buy. The debt accumulates and threatens financial wellness. It is not so much a hole which was dug, but a sinkhole which a person falls into.
The Debt Will Mount
Interest charged on credit cards is routinely in the double digits. Failure to make a payment can result in a penalty that just adds to the amount. It isn’t too long before a sizable hill of obligation is created. If person does not always know how to handle the situation and some good advice is important. Countrywide Pre-Paid Legal Services offers assistance in the form of a debt management plan.
It is one of the options in our financial wellness program and it is a service many people can use. A Countrywide counselor will first review as much information as possible about a plan member’s budget. Based on the information, a debt management plan may be recommended. Components of this plan can include actions that will convince creditors that interest rates can be lowered or certain fees to be waived. A critical outcome will be the development of an affordable repayment plan. What happens then is the debt obligations are paid but at amounts which can be reasonably afforded, given the individual budget. All along the way counseling and customer assistance is provided. Creditors are able to receive the money they are owed, and the individual gradually gets out of a major financial mess. It is a winning situation.
Value of the Debt Management Plan
The debt management plan costs a little bit more, but it is a very comprehensive assessment of an individual’s financial wellness status. This is not a means of shaming anyone. Countrywide has a nationwide network of certified counselors whose responsibility is to help people get a better grasp of their financial situation. The counselors are professionals who are more concerned with solving a problem than preaching. The dignity of every plan member is respected. This is something clients have noticed favorably. Their employees are helped without being made to feel like idiots. Countrywide uses this attention to a person’s feelings in all benefits we offer.
A Better Plan Due To Choice
Employers who are responsive to the needs of their workforce will want to be able to assist in financial wellness. Countrywide understands that not every organization has the same type of people in it. The best way to respond to the needs of a diverse staff is offering choice. That is what we do. Your organization will decide what benefit options will be part of financial wellness program. That way, the company that has a lot of young employees can have support for college debt while another organization, which may have a lot of senior employees, can have options that best suit their age. Countrywide provides the service and we situate people get the help they need as quickly as possible.
The debt management plan is part of Countrywide’s desire to help people deal with real problems. Being able to make sense of debt and how to get out of it is something that employees want to have. It shows that management is committed to helping those who generate the profits of the company. Countrywide works with decision-makers to prepare a financial wellness plan that is tailor-made for the organization’s employees. We have a number of other options that can be useful and we would welcome the opportunity to explain them to you.