People can stunned be by their credit card debt. They are not always sure how things got out of control, but they face a financial obligation of thousands of dollars. Anxiety goes through the roof as financial wellness appears in danger. Panic does not do any good, because it results in poor decisions. Anyone with a lot of credit card debt must stay calm and plan a way out of the financial mess. It is not difficult to create a credit card debt strategy. The plan relies on common sense and some careful, serious thought. There are some easy steps to follow.
- Know What You Owe
You can start at the end of the month by collecting all your credit card bills and then adding up all you owe. It is not easy to confront the size of the debt, but you should have an idea of how much it is before you can begin to look at means of eliminating this financial burden.
- Understand What You Have
Financial assets are more than just a paycheck and a savings account. There are whole life insurance policies, collectibles, stocks and bonds, and real estate, as well. These can be tapped into if an individual has a large credit card debt.
- Create a Budget
Folks run into trouble paying off debt when they don’t know their cash flow. Knowing the amount of money coming in and how much is going out are the first steps in preparing a manageable budget that allows for credit card payments.
- Develop a Strategy
A payment strategy can be created from all the financial information collected. There are several tactical options:
*Pay off the cards with the lowest balances. The credit cards with the higher balances get the minimum required payment until the other cards are paid off.
*Pay off the cards with the highest interest rates. The balances may be small, but the interest charge increases the minimum payment.
*Consolidate the debt. Putting all the debt together in one monthly payment will close the other accounts and make it easier to pay on time.
Financial wellness is protected by developing a good strategy, but many people aren’t sure what to do. Things are much easier if a professional offers guidance and advice. Countrywide Pre-Paid Legal Services offers the expert assistance people need.
We Have an Excellent Financial Wellness Benefit
Countrywide has a nationwide network of certified counselors. They aid plan members in getting free from many financial problems.
The advice is substantial. Not everyone knows how to negotiate lower interest payments. Our counselor will show how it is done and suggest ways to successfully lower those rates. Debt consolidation has some caveats and our financial wellness professionals will point them out. Countrywide assists in helping plan members collect financial information and will perform a budget analysis and do asset inventories. Anyone who uses our services feels more confident about their finances right from the start.
We Work with Our Clients
We want employers to have input in designing a financial wellness benefit. We will explain our options to the decision-makers and permit them to decide what is best for their employees. Those selections are part of the final plan document. No matter what is in the plan, Countrywide provides superior member services to everyone. All questions are answered completely, and the plan member’s problems are taken seriously. We can help them get out of serious credit card debt and experience a boost in their overall financial wellness.
Please feel free to contact us with any questions you may have about our benefits. Countrywide wants to help your employees get rid of unnecessary debt. We firmly believe our benefits are key to better cash management and security.