Articles Posted in financial wellness

The COVID-19 pandemic will leave behind a severe legacy: large credit card debts. People who were quarantined are dependent on plastic; it is used for everything. Medicine, groceries, and other necessary purchases are charged on the card. Credit card companies inadvertently made the problem worse by being lenient with late payments. Those days of leniency are ending. Consumers are starting to face a grim reality.

The financial wellness of many employees is at risk. Minimum payments could swallow most of a paycheck and make other bills harder to pay. Employers can help relieve stress with the right benefits. Countrywide Pre-Paid Legal Services has a program that provides the proper assistance.

There Is Hope for Financial Wellness  Continue reading

America is still faced with coronavirus and the consequences of the quarantines. People are starting to come back to work, but there is always the cost of being furloughed and not receiving a full paycheck. 

The government has been helpful with stimulus packages, but these are starting to dry up. Many employees are about to face the consequences of the past few months. It can include filing for bankruptcy. Continue reading

America is beginning to recover from the coronavirus quarantines. People are practicing social distancing and are getting back to work. There is a new normal in society and it is healthy. There remain some of the problems people had before the pandemic and the issues are beginning to get out of hand. Some people need to cure themselves of a dependence on credit cards.

It Was not Irresponsible Spending.

It was all innocent at the start. People were stuck inside their houses and the shops were closed. Instead of going out to the store, folks began to use Amazon for shopping and asked the supermarkets to deliver groceries. Everything was paid with credit cards online. It became so easy that many became accustomed to doing everything online and sometimes overspending. Continue reading

The pandemic is causing considerable depression. People worry about their future and wonder if any dreams will come true in the current circumstances. Buying a house is something many young employees want to do. They are afraid this wish might be just a fantasy.

There Are Some Challenges

Furloughs and quarantines are digging holes in savings. The money that was intended for a down payment on the house is being eaten up by daily needs-even those who are getting back to work face some problems. Continue reading

COVID-19 has alerted everyone to the importance of personal health. Folks are wearing masks and practicing social distancing to avoid infection. These new habits are good developments and employees are taking better care of themselves. One critical activity everyone should do is prepare financially for any medical bills.

Guarding Financial Wellness

We are not suggesting employees will come down with a case of coronavirus. There can be some sizable future medical bills they have not adequately prepared for. Deductibles of $5000 or more will challenge budgets. Surgeries and medical treatments may overlap a year, causing sizable debt. Employers could use some guidance preparing for medical procedures, especially those working from home. Countrywide Pre-Paid Legal Services has a financial wellness plan that assists in financial preparation. Continue reading

Employees are starting to get back to work. Quarantines are gradually being lifted as business establishments are allowed to reopen. It is a great relief for many people, but there are still some issues to be addressed. Financial wellness is still resting on unstable grounds.

The College Debt Is Not Going Away

Many young employees financed their college years through substantial loans. They are now faced with monthly bills that must be paid eventually. Some will use forbearance but that only delays things. The size of many college loan debts is equal to a home mortgage. It is tough for many young people. Continue reading

COVID-19 is making dramatic changes in the workplace. The old cubicles might replace open space offices as organizations try to reduce the chance of viral infection. Work from home is no longer something to think about; it is now becoming a corporate reality. The opportunity for people to work from home provides a lot of benefits for everyone. Smart employers are going to look beyond the commonly discussed opportunities for home-based work. They look at ways to use employee benefits to make working from home more enjoyable and increase the chances of higher productivity as a consequence. Continue reading

Employers have been wonderful in helping their employees during this time of national crisis. Many organizations decided to pay the full premium on the group health insurance, giving their hard-working staff some relief from financial obligations. It is great to see employers who genuinely care about their employees.

These are not easy times for anyone. Medical conditions may be causing considerable strain on a person’s budget. Deductibles and copayments on major medical treatments can cost thousands of dollars. The expense can drive a person’s anxiety through the ceiling. Continue reading

The entire economy is still dealing with the coronavirus pandemic. Furloughs are everywhere and unemployment checks do not always cover the bills. Times like these are when people turn to their credit cards. We recognize this is only natural, but it can be dangerous.

An individual’s financial wellness is threatened during times of economic slowdown. Decisions need to be made that can be drastic. Credit cards are sometimes an easy way out. An individual pays the bill on credit and settles the balance later. There is a risk involved.

Credit card balances must be paid and running up a massive debt balance is risky. Some do not realize this, but the interest rates charged on credit cards are double-digit numbers. Failure to pay the minimum on time adds a penalty to the balances. An over-reliance on credit cards may lead to domestic chaos. The financial wellness of a hard-working employee can come crashing down.

The public has been dealing with the coronavirus quarantines for more than three months. Stress is starting to show in many households as people try to stretch scarce dollars even further. An issue that is critical deals with public utilities and services to customers.

Utilities are in a tight spot financially. There has been an increase in unpaid utility bills. Many hard-working people, especially low-paid employees, are confronting food or electricity and water bills. It is challenging to cover both because the pandemic has hit financial wellness. In ordinary circumstances, non-payment of the utility bill will ultimately end up in services being shut off. That can create severe emergencies in various homes as the hot summer begins without the electricity needed for air conditioning. Continue reading