Articles Posted in financial wellness

stockfresh_3576539_stressed-female-graduate-holding-stacks-of-hundred-dollar-bills_sizeS-200x300Those with college loans recently got another breather from the Feds. President Biden has extended the college debt moratorium until August 31, 2022, and that is a welcome development for everyone wrestling with debt payments. There is still talk of loan forgiveness but be careful about banking on that. A better idea is to look at debt reduction and loan restructuring.

Hacking Down the Figures

Five and six-digit college debt amounts can be overwhelming, and a person may feel adrift in a sea of red ink. Fortunately, there are oars to help you get to calmer waters. Several programs that will assist those with large college debts are available. Continue reading

stockfresh_5140310_business-still-life_sizeS-300x200The inflation monster is now awake after a decades-long nap. Recent figures suggest that the rising costs of almost everything will not go away soon. The next couple of years, and indeed the next couple of months, will be hard for many Americans. They are going to be paying more for essentials as well as necessities.

Inflation is something to be concerned about but nothing to panic over. A little bit of common sense in spending and some guidelines will help everyone get through the tough times with money to spare. The way to meet rising expenses is to have a budget ready for it.

Some Useful Tools Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192No one goes bankrupt intentionally. However, people get into dire straits with their finances because of their problems managing the debt they acquired. Sizable debt rarely occurs overnight, and some debt is legitimate, such as mortgages or auto loans.

A major invoice, such as a medical bill, comes in the mail and stuns a person. It can throw things out of balance and cause an individual to panic. Who can blame a person for being anxious about the red ink? However, we do not think ordinary people are spendthrifts; they have difficulty managing their debt and could use some guidance. Continue reading

stockfresh_6096905_beautiful-woman-showing-time-out-sign_sizeM-300x200The pandemic hit personal finances in one way or another. Thankfully, stimulus checks and other forms of assistance got most of us through. But unfortunately, employees are now confronted with just as difficult as the quarantines: rapidly rising inflation.

 

The rate of price increase is swallowing up most of the pay raises folks are receiving. Many adjustments must be made to cope with the new higher costs. It will not be easy for many people because they live from paycheck to paycheck. Others have taken on car loans and other debt obligations. There is a genuine chance that some people will be facing bankruptcy or foreclosures because everything is becoming so expensive. Continue reading

stockfresh_4971788_student-loan-debt-installment-payment-check-money-paid-back_sizeS-300x300Can we expect forgiveness of college debt this year? The Biden Administration has extended the pause on federal student loan payments until May 1, 2022. That is a relief for many, but it is temporary. The Federal Student Aid Office estimates that federal student loan borrowers owe in the neighborhood of $1.6 trillion. So outright student loan forgiveness is probably out of the question in the near future, and the borrowers can only hope for a continued extension. After that, however, the extensions may expire, and the payment process, on hold for almost two years, will start up again.

It creates a challenge for many young employees.

Time Marches on Continue reading

stockfresh_225020_eraser-and-word-debt_sizeS-300x200Being irresponsible is not always the reason a person gets into debt trouble. A more compelling explanation is that sizable debt can result from bad decisions. When confronted with extensive obligations, what a person does can make the situation more serious.

 

Panic Makes Things Worse

 

Medical bills will raise a person’s blood pressure quickly. Someone who receives an invoice for a surgery or medical treatment could be looking at a cost of thousands of dollars. An immediate reaction might be to pay everything off at once, which is not a particularly good payment strategy. Others may look at their college loan obligations and think that forbearance is the only way out of a mess. Trust us; it is not. Credit cards must be paid on time, but that does not mean they have to be paid off at once. Continue reading

stockfresh_3024978_girl-before-credit_sizeS-300x225Credit cards rule the domestic economy of many households. Few people want to carry a lot of cash, and credit cards have always been convenient for buying things. However, the pandemic caused people to shop online, using their plastic to purchase essentials in addition to gifts. As a result, many now deal with sizable credit card balances. That situation is dangerous.

 

It is more than simply larger minimum payments due each month. Overusing credit cards will put a strain on family budgets. It is no secret that credit card abuse has brought many people to the brink of bankruptcy. Forgetting to pay some credit cards will lead to major problems. Plastic is important, but it is a beast that must be kept under control.

 

Financial wellness depends on keeping credit card debt under control. However, there are some straightforward strategies a consumer may use to prevent a serious situation, and it does not require having the skills of an accountant. Continue reading

stockfresh_636353_stethoscope-laying-on-stacks-of-money_sizeS-300x200Apprehension and panic are what many people feel when they go to their mailbox. There could be an invoice waiting for them that will require thousands of dollars to pay. It is a medical bill for a procedure or a program of therapy. The amount can keep a person up late at night worrying about what to do.

 

Modern medicine has allowed us to live better lives than our grandparents. People live longer, and the quality of life has improved dramatically for those who are disabled. But unfortunately, it all comes at a cost. Employees face a situation where they are pressured into dealing with sizable debt. The amount can lead to some poor financial decisions.

You Can Negotiate

 

A medical invoice is an expense statement; it is not an ultimatum. Healthcare providers want their money but do not have to be paid immediately. The accounts receivable folks are willing to be flexible and negotiate with any patient. There is no desire to destroy anybody’s financial wellness. Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192The United States is currently experiencing inflation that has not been seen in 40 years. Everything costs more, especially food and gasoline. What is sobering is to know that inflation is outpacing pay increases. The rising costs make people feel anxious and worried about their finances.

It is a challenging situation but is also an opportunity for management.

Employers can step in and assist people in dealing with the rising costs. It does not have to be adjustments to wages or outright money grants. Countrywide Pre-Paid Legal Services has a benefit that permits a person to adjust to inflation successfully. Continue reading

stockfresh_2142927_family-holding-a-sold-sign-outside-their-home_sizeS_62ad93-300x200Right now is the calm before the buying storm. It will not be long before the real estate market starts booming with activity as people look for that special place to settle and raise a family. Springtime can be a season of discontent, however, for those not prepared. A first-time homebuyer can quickly become frustrated.

The real estate market can be an absolute beast for anybody who is unprepared. Anyone who is venturing out into the housing arena must be ready. Those who are not may spend thousands of dollars learning some painful lessons.

What to Know Continue reading