Articles Posted in financial wellness

stockfresh_1211123_upset-woman-glaring-at-her-many-credit-cards_sizeS-300x200The inflation rate did go down last month, but we are still experiencing rising prices, more than we have dealt with for decades. So, these can be challenging times for those who use their credit cards.

Telling people not to use credit cards is unrealistic. Most in-store shopping is done with plastic because it is safer than carrying cash. Online purchases all require credit cards to close the sale. Regrettably, credit card interest rates are the only ones that will not go down. Those double-digit fees are creating large holes in the financial wellness of the average consumer. Continue reading

stockfresh_3576539_stressed-female-graduate-holding-stacks-of-hundred-dollar-bills_sizeS-200x300Some excitement has been generated by the recent decision of the Biden Administration to cancel billions of dollars in college debt. People are hoping that the government will make the final big decision to cancel all the debt held by college graduates. It sounds like a great possibility, but we suggest those with college debt be careful.

The decision caused considerable controversy and was not very popular with certain groups. It shows that college debt is a complex issue that does not encourage easy solutions. Frankly, there is no guarantee that the government will cancel any more debt. Continue reading

stockfresh_1532919_senior-couple-medical-bills_sizeS-300x200Medical costs scare people. They might be small prescriptions or extensive therapy sessions; either can cause anxiety. Anyone over 50 years knows the cost of staying healthy can be steep.

Be a Proactive Consumer

Folks often feel resigned to paying hefty sums and instinctively reach for their credit cards to pay. That attitude does not make things any easier. What a person should do is become a proactive consumer. There is nothing wrong with asking questions or inquiring about alternative solutions. Consultations with a healthcare provider should be a two-way street. Continue reading

stockfresh_7560715_multitasking-woman_sizeS-300x300There are many anxious moments in money management. People understand the importance of being responsible, but unexpected emergencies happen. These hit a person’s budget like a tidal wave and create stress.

The challenge is not knowing what to do. Adults can manage ordinary expenses, but medical treatment is expensive, and credit card balances get out of control. Managing cash is difficult when you do not know what to do. Continue reading

debt-relief-pill-300x255Bankruptcy is not always caused by reckless spending. There are situations when credit card abuse does not play a part in a person’s downfall. It can take a significant bill or a series of major expenses to cause a collapse.

The Price of Healing

 

Medical bills are a major cause of bankruptcy. Surgery will create trouble, but medication is a serious cost creator. Many life-sustaining drugs are expensive, and health insurance will not cover all the costs. As a result, an individual gradually sinks deeper into debt, trying to stay alive. Continue reading

Debt-Relief-300x200American consumers love plastic. It is easy to use those credit cards and safer than carrying large amounts of money. Retailers like credit cards since people usually spend more when they use them. Special programs and bonus points encourage folks to reach for the card whenever they shop. Unfortunately, the convenience of using credit cards is habit-forming. That is a big problem.

The Unnoticed Cost

The interest rates credit card companies charge are a threat to financial wellness. The rates are ordinarily double-digit charges on purchases, and that adds to an already outstanding balance. The debt increases steadily as a consumer relies on plastic to pay for even small items. Anyone can quickly accumulate a five-figure due balance. Action must be taken before things get out of hand. Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192We are pretty much done with the pandemic years. Covid 19 is still with us, but recent job figures are reassuring. Unemployment is currently not a problem. Americans can feel relieved but must stay concerned about the future. New storm clouds are gathering.

Inflation and Interest Rates

The June inflation figures are 9.1%, the highest in over 40 years. Interest rates are starting to go up as well. Neither is a good sign. The statistics can negate any pay increases or job promotions. American consumers adjusted their spending during the pandemic, and some decisions were not wise. Moratoriums on college debt, evictions, foreclosure, and other obligations made life bearable, but not everyone saved for a rainy day. Continue reading

stockfresh_7102501_college-debt_sizeS-300x300People 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. Continue reading

stockfresh_7560715_multitasking-woman_sizeS-300x300We understand why folks get anxious about the cost of everything. America has not seen the recent inflation figures in decades. The cost of living affects everyone. Sadly, rising prices are hurting plans. It is easy to get depressed and be resigned to not being able to own a house, ever.

House Hopes Are Falling

While some experts anticipate that the price of houses will go down, the mortgage interest rates are going up. It is a squeeze that frustrates people. The thought that a home is unaffordable is sufficient to make anyone give up on being a house owner. However, we think that no one should lose hope. The house is still affordable without sacrificing financial wellness. Our self-study program, “Make Your Move,” gives many valuable home buying tips. Continue reading

stockfresh_6378534_financial-freedom-concept_sizeS-300x192Half of the year has gone by, and this is a time for evaluating progress. People set financial goals in January and take a moment now to assess how they are doing. Changes or modifications might be needed to clear any obstacles.

Facing a Challenge

Everyone is feeling the effects of inflation. The June figures were high, and food and gasoline prices are not decreasing. Money is tight, and the average consumer must stretch the dollars to cover the bills. This belt-tightening is coming at a tough time. Continue reading