Articles Posted in financial wellness

by

stockfresh_1104622_falling-credit-cards_sizeS-300x200

Credit cards are a major part of American commerce. People try to use credit cards as little as possible and some will try to do without credit completely. This is almost impossible. Emergencies arise that require the use of credit and retailers encourage the use of credit cards with special deals. Some of the special deals are traps that will threaten an innocent victim’s financial wellness.

The Nature of the Beast

Retail stores want people to use credit cards for a very simple reason: consumers will purchase more with plastic than if they had cash in their pocket. Some of the deals include offering credit cards at zero interest rate for a specific period. Other deals involve substantially reduced credit costs. Some credit card companies attempt to persuade people to consider a consolidation loan through the credit card. That latter one is deceptive because it permits a person to put a large amount of debt onto a single credit card in return for a significantly reduced rate of interest.

This all sounds attractive, but the devil is in the details. Not everyone is willing to read the fine print of some of the offers. For example, failure to make a payment on a consolidation loan will result in a significant interest charge. Other deals require that a given amount of money must be charged on the card or the lower interest rates will not apply. People get in trouble when they don’t understand the terms and conditions of a credit card. A person can end up in deeper trouble. Continue reading

by

stockfresh_1701311_stethoscope-and-dollar_sizeS_f73430-300x200

A major threat to financial wellness is panic. A person gets a sizable bill in the mail and his or her anxiety spikes. A hasty decision is made that only makes matters worse. One source of alarm is medical bills.

A One-Two Punch

Healthcare costs are not going down despite efforts to control the inflation. Deductibles are growing as employers try to reign in premium costs and new therapies are expensive. These pose a serious challenge to any individual.

People will get upset when they see the bill. Hasty decisions include paying off the entire bill (which can drain life savings}, taking out a loan(which might not be necessary), or using a credit card to pay the debt(generating sizable interest charges each month). The main problem is not knowing the best way to deal with medical debt. Countrywide Pre-Paid Legal Services knows how medical bills harm financial wellness. We offer a benefit to help manage those medical costs. Continue reading

by

stockfresh_479551_house-in-hand_sizeS-300x200

Many think owning a home is just a dream. Real estate is not cheap and there are other debts which strain an individual’s finances. Countrywide Pre – Paid Legal Services wants to help make owning a home possible.

“Make Your Move” Teaches Home Buying

Real estate is a market with many players and a distinct vocabulary. A buyer who does not understand real estate is at a disadvantage. The Countrywide Financial Wellness Plan has an educational program to introduce folks to real estate.

“Make Your Move” is a self-study education program. It is an excellent orientation to house buying. A plan member might not understand FHA loans. Our program makes FHA mortgages clear and understandable. Mortgages come in all sizes. Not all loans are suitable to an individual’s finances. Our educational program will discuss pros and cons of the various mortgage loans. Professionals such as real estate agents, FHA inspectors, mortgage bankers, and home appraisers play a role in real estate. Countrywide helps identify them and explains their unique roles. Continue reading

by

stockfresh_4734675_debt-concept_sizeS-300x192

Debt is something we need to expect. People use their credit cards or take out loans to cover expenses when they occur. Trouble will surface when compulsive spending becomes a habit, or an emergency happens. Not everyone knows how to handle desperate situations and their financial wellness is affected. The proper tools and guidance are necessary to get out of trouble. Countrywide Pre-Paid Legal Services can help.

Our Basic Tools

The Countrywide network of certified counselors assists financial wellness plan members. Many problems are minor and require just basic corrections. Our counselors have the task of using the Countrywide tools to fix things.

A budget analysis is a primary tool our counselors use. A person may have no idea about cash flow. The Countrywide counselor looks at the figures. This professional identifies major expenses and how these affect a plan members income. A working budget is developed and an individual can use it to maintain financial stability. Continue reading

by

stockfresh_7102501_college-debt_sizeS-300x300

Students will talk about their post-graduation plans and what jobs they would like to have. They have wonderful objectives but not all of them understand the challenges life will present. The real world can be a shock to any new graduate

The College Debt Pit

Colleges are becoming increasingly more expensive. Many young people graduate with student loan obligations the size of a mortgage. They may have little idea of how to address paying back their loans. Lack of knowledge or ideas will threaten financial wellness.

Young employees could use some assistance. They need some form of blueprint to help avoid using forbearance and to assist in paying the monthly installments properly. Countrywide Pre-Paid Legal Services offers a Financial Wellness Plan to help get out of the college debt pit. Continue reading

by

stockfresh_3231743_man-putting-coin-into-small-piggy-bank_sizeS-300x200

People always have the best intentions. They want to keep credit card debt under control, make necessary payments on time, and save for a rainy day. It’s sad, but the road to ruin is paved with good intentions. Establishing and maintaining financial wellness requires effort.

More Than Good Advice

Many folks have problems due to lack of experience with finances. Recent college graduates have little understanding of house budgets and how to allocate money. Older employees have lived from paycheck to paycheck. They do not always save money and a medical emergency can create a serious challenge. Others want to save for a house and do not know how to do it.

Good advice indeed helps, but that is not enough. Financial wellness needs the right tools to build fiscal stability. Countrywide Pre-Paid Legal Services knows this, and we provide the means to create a healthier personal balance sheet. Continue reading

by

stockfresh_299770_broke_sizeS-222x300

Parents warn their children about financial emergencies. They advise the youngsters to put money aside not just for rainy day but for unexpected expenses, as well. This is commonly ignored wisdom. People are compulsive spenders, and many will not budget their cash. Everything is fine until disaster hits. An emergency can cause serious harm to financial wellness.

Problems Will Come from All Directions

Emergencies come out of nowhere to damage a person’s finances. A medical condition may require surgery and generate a high deductible’s expense. Repair work on the house, the kind not adequately covered by home insurance, will be a shock to the wallet. Millennials and Generation Z employees can get a major college debt bill in the mail. Car repairs, especially installing a new transmission, can cost in the thousands of dollars.

Hasty Decisions Harm Financial Wellness

Emergencies cause panic. A large bill can create issues that an individual never plans for appropriately. Inexperience in dealing with money challenges may result in horrible decisions. Continue reading

by

stockfresh_299770_broke_sizeS-222x300

Financial woes cause considerable anxiety. The debt from college loans or a medical emergency generates feelings close to panic. It doesn’t have to be that way. Financial wellness can be achieved and maintained by following a few general rules of proactive conduct.

  1. Never Take Counsel of Your Fears

The college graduate can be stunned by the loan repayments necessary to retire college debt. Many have debts as large as a house mortgage. The common worry is being forced to spend most of life paying a bill that could be more than the monthly rent. The same is true for medical bills or sizable credit card balance.

Excessive concern causes panic and forces a person to make poor decisions. These include forbearance, completely ignoring the bills, or overpaying a monthly bill when it is not necessary. Thinking calmly and making sound decisions are the best ways to meet a financial wellness problem. Continue reading

by

stockfresh_225020_eraser-and-word-debt_sizeS-300x200

School days are not over for some employees. A few may still be finishing up a Baccalaureate degree and others are just beginning a Master’s program. An organization’s educational system program may not cover all the expenses. An employee may have to pay the lion’s share of tuition and it can threaten financial wellness.

Making Tough Decisions

A person could have a well-paying job and still face college debt problems. Costs are rising and the required classes might be a strain on the budget. There are many college loan programs, but each has its own requirements. The employee might not know which loans are best suited for his or her financial situation. An employer might not be able to enlarge an existing educational assistance plan. However, a benefit that includes college loan counseling can be just as good.

Countrywide Offers Financial Wellness

Our program helps employees deal with common financial situations including college debt. We have a nationwide network of certified counselors who will provide the service. Continue reading

by

stockfresh_2581878_sad-couple-in-financial-trouble-in-their-living-room_sizeS-300x200

People want to have control over their financial wellness. Every ownership creates a sense of optimism and well-being that positively affects behavior. It is sad, but there are many who are so confused about their finances that they feel trapped in a downward spiral.

These individuals make a decent income. Their challenge is not having a budget to monitor cash flow. Medical emergencies can become crises and credit card debt may run out of control. Millennials have the added burden of excessive college debt. Some form of support would be deeply appreciated. Countrywide Pre-Paid Legal Services knows how the right assistance can resolve problems. We have a Financial Wellness Plan that organizations can offer to employees. Our benefit has very important tools to improve financial health.

Data Collection and Organization

Countrywide has a nationwide network of certified counselors. These professionals are the front-line Countrywide service providers. They will work directly with plan members. Continue reading