People with college debt are worried with good reason. They are dealing with a debt load that takes years to pay off. Life decisions such as buying a house or starting a family can be delayed for years. There does not seem to be an easy way out.
Dealing with Debt
Countrywide Pre-Paid Legal Services understands the frustration. College debt makes it tough to pay the rent and buying certain luxuries may be out of the question. People who have such obligations need help and not stern lectures. We have a financial wellness plan that is a significant employee benefit. It gives support to those who might be giving up hope.
Experienced Professionals Give Support
Countrywide has a nationwide network of certified counselors who give financial wellness services to our plan members. These professionals assist folks with everyday money issues, and there is a counselor in every Countrywide client’s community. As a result, our plan members receive priority status and superior services.
The counselor will begin by investigating a plan member’s current situation. A personal budget analysis reveals the impact college debt has on a person’s finances. Then, the counselor can suggest where to reallocate funds so there is enough money left to meet any monthly college debt payment.
Our counselors have years of understanding an individual situation and provide the kind of advice that a financial wellness plan member truly needs. Some of these can be cautionary tales of what not to do in dealing with college debt such as:
- Relying too much on forbearance. It is a common strategy, but it only delays the inevitable. Those in debt discovered that it takes even more time to be free of the college debt burden finally.
- Using a credit card to pay the debt. Some people do that, and it is a bizarre habit. Credit card debt is ordinarily tied to double-digit interest rates. So, an individual can sink into debt trouble by using plastic.
The counselor can also recommend programs that will reduce the college debt load. Not everybody knows about them, but our experts do. College debt assistance is not the only financial wellness service. We have a debt management program that costs a little bit more but will help somebody who is facing bankruptcy or foreclosure. In the event of a bankruptcy, we can assist a person in negotiating the troubled waters.
The Client Is Our Partner
We produce a benefit all employees may use. We guarantee this by working directly with the client on designing the employee benefit. First, Countrywide explains every one of the financial wellness benefit options that we will provide. We then ask decision-makers of prospective clients to decide which options would be part of their program.
We understand that not all our services will be selected by a client, which is perfectly fine with us. It is more important that every employee benefits from what Countrywide offers. The selections that management makes will be part of the final plan document. In addition, Countrywide furnishes streamlined administration and superior member services to complete the picture.
College debt is a monster that is not going away. Yet, despite all the rhetoric of politicians, the idea of comprehensive debt forgiveness or severe debt reduction is a topic for debate and not yet a road to action. Until that happens, many hard-working employees struggle with the payments.
Countrywide wants to help. We believe that our counselors can come to the rescue of many people who are stuck in debt quicksand. What we offer is better than a fixed sum of money; it is advisable to help reorder an individual’s financial wellness. Plan members feel better from the assistance we give.
If you’ve any questions about our benefits, please feel free to contact us. We would welcome the chance to tell you how Countrywide can give meaningful support to your employees.