During this constantly evolving situation, presented by the COVID-19 pandemic, we want to assure you that Countrywide Pre-Paid Legal Services is fully operational and well positioned to navigate this challenge and will continue providing the services you have come to count on from us. We are available by phone or email.

Articles Posted in financial wellness

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01the-importance-of-a-comprehensive-legal-plan-article-4102-thumb-320x210-86253-thumb-320x210-86254-300x213The 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

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stockfresh_3784774_male-judge-writing-on-paper_sizeS-300x200COVID-19 has disrupted ordinary lives and that is an understatement. It is more than just quarantines and stay-at-home orders. The financial wellness of ordinary citizens is placed in jeopardy and certain arrangements are threatened. Alimony is one of those.

 

The court establishes in the divorce decree how much a spouse needs to pay the other. It is based on the financial information at the time. Granted, the loss of a job or income can be an issue. The difference between an ordinary job loss and the coronavirus pandemic is that the temporary loss of employment was the result of a state decree. Continue reading

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stockfresh_3231743_man-putting-coin-into-small-piggy-bank_sizeS-300x200The coronavirus pandemic has become a brutal shock to many people’s wallets. States have ordered businesses to close during necessary lockdowns, causing people to lose their paychecks. Unemployment compensation and the added stimulus amounts have helped some stay above water, but some are faced with severe difficulties.

 

Child Support

 

Divorce happens and ex-spouses may be required to pay child support for the children. The parent with custody often depends on the child support to make ends meet. The current trouble stems from the lockdowns and business closings in the short term. The ex-spouse who must pay the child support is not able to due to no personal fault. Continue reading

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stockfresh_5401095_money-jar-with-retirement-label_sizeS-300x200COVID-19 is focusing people’s attention on what will happen after the pandemic has faded away. Many wonder what the future will hold and how the new normal will affect their lives. A smart person should look at the coronavirus quarantine as an opportunity to address financial issues. Estate planning is an activity everyone keeps putting off, but now is an excellent time to think about it.

 

Estate planning is not something that only those approaching retirement must do. Younger employees, especially those with small children, ought to be investigating estate planning. There are documents such as last wills and powers of attorney that require deliberation, but the finances of an estate are necessary. Continue reading

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stockfresh_5472698_hand-signing-last-will-and-testament-document_sizeS-300x200The coronavirus pandemic is forcing people to think about things they have ignored for too long. The possibility of dying from this disease makes people stop a moment and consider the condition of their estate and what they will be leaving behind. It is time an individual review how prepared his or her estate is for a possible tragedy.

Estate planning is a process far too many people put off because they are young. It is something that only senior citizens do but the circumstances have changed. It is crucial to look at the estate and how it will affect the financial wellness of family survivors. Continue reading

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stockfresh_4971788_student-loan-debt-installment-payment-check-money-paid-back_sizeS-300x300It is an evil wind that blows no good and on March 27, 2020, students who had federal loans received a break due to the coronavirus pandemic. The CARES Act was signed, and it impacts federal student loan borrowers, whose loans are from the US Department of Education. The primary features include:

  • 0% interest. From March 13, 2020 until September 30, 2020 a borrower is not going to be charged interest on the loans.
  • Administrative forbearance. Those same loans are in administrative forbearance for the same. A borrower is not going to have to pay the monthly payments.

None of this is going to stop you from making monthly payments if you want to do that. It is enough to say that financial wellness of a recent college graduate is now more secure, but that is no reason to sit back and relax. Continue reading

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stockfresh_469655_road-to-recovery-words-on-pavement-up-arrow_sizeS-300x300We have never experienced a situation like this before. America is in a national state of quarantine and millions of workers are furloughed. Fortunately, there are stimulus checks and unemployment compensation available, but these are not going to solve all financial problems. Many Americans are facing a severe threat to their financial wellness and it is causing high levels of stress and anxiety.

 

Mistakes Caused by Panic

 

The media has numerous stories of people going to stores and buying more toilet paper and other products than they need. Other reports tell of possible rent freezes and other ways to assist people. The major problem, however, is decisions that are induced by money fears. Continue reading

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stockfresh_4734675_debt-concept_sizeS-300x192Personal finances can be tricky. Folks who live from paycheck to paycheck can get easily confused. They might forget to pay an invoice and incur a penalty. The same people could also overpay a bill and have nothing left for emergencies. A crisis like a medical bill may need a large sum of money to settle. Where is all the money?

The confusion can disrupt anyone’s financial wellness. Young employees, fresh out of college, can get in the habit of overusing their credit cards and confront a real problem when the grace period for college loans ends. People who want to buy a house discover they cannot save enough money for a down payment. The problems keep rising along with the debt balances. Continue reading

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stockfresh_7102501_college-debt_sizeS-300x300Graduation is coming soon. It might not be the grand occasion it used to be because of the coronavirus pandemic, but for many young people, their time in school is about to end. They will be facing real-world challenges and a major one involves money. Graduation is when they must start paying back all their college loans. Few are ready for the task of paying those large bills. Their financial wellness could take a hit.

 

The Mountain of Debt

 

College loans were the primary funding vehicle for their college experience. It isn’t surprising the resulting debt can be in the six figures. The monthly repayment statement is a big shock to many graduates. Continue reading

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stockfresh_225020_eraser-and-word-debt_sizeS-300x200Many employees are frustrated by personal finances. They are making decent money, but they aren’t sure where it is all going. Big purchases or medical bills can be a hit to the wallet, and the person doesn’t know what to do.

 

The money problems don’t always threaten financial wellness. However, anyone will get anxious if personal finances appear out of order. Countrywide Pre-Paid Legal Services knows that money matters can stress out a person. We have a benefit plan that assists members as they negotiate financial waters. Continue reading