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What is a Debt Management Plan’s Benefit?

It is a Lifesaver for Many

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Financial anxiety affects many people. Millennials are worried about their bills, and the same applies to baby boomers. One problem which causes a great deal of stress is the spending habits of a person. People use plastic quite a bit, and the credit cards generate large debt sums. It happens a person owes more than the income he or she makes. Auto repairs or unexpected medical bills can drive credit card balances sky high. These, in addition to mortgages and student loan obligations, can adversely affect financial wellness.

Countrywide Pre-Paid Legal Services has helped many people get out of the financial crisis through our financial wellness program. We understand that some people have situations that have gone out of control and need special help. Our debt management plan means to do that.

The Basics

Countrywide has a nationwide network of certified counselors who will help. These professionals know how serious that can become and will help develop a debt management plan for a Countrywide plan member. The Countrywide financial wellness program begins with a budget analysis. It weighs the current expenses against the present income. Our certified counselors can immediately spot serious problems which need greater work. The debt management plan is recommended in these cases. It is a little bit more comprehensive and addresses a major financial emergency. With the help of a debt management plan, a person may be able to:

  • lower existing interest rates and even payments;
  • persuade lenders to waive fees;
  • consolidate existing debt into an affordable repayment plan.

The plan will also provide ongoing counseling and customer assistance. It should be remembered that the debt management plan is going to cost a little bit extra. However, situations where a person is facing bankruptcy requires drastic action. Most people who are urged to enroll in the debt management plan are glad they did that.

Preparing a debt management plan is not easy for the plan member. It is a recognition that things are going wrong and the situation needs to improve drastically. It can hurt a person pride, especially someone who was raised to be financially prudent. Regrettably, things happen. Our financial counselors understand such distressed feelings and show patience and respect for the individual. The important thing is the intention is to help this person even get out of a serious problem.

Helping Employers Assist Employees

Organizations sincerely want to help those employees who are in financial trouble. Decision-makers understand that a person who is experiencing financial difficulty has considerable anxiety and a financial wellness program will help. Countrywide knows that organizations have different demographics depending on the industry and location. Not all our benefit options are appropriate for a given workforce. Rather than insist on a boilerplate plan, we allow our clients to choose those benefits which will be part of the overall financial wellness program. A client may decide that help with student loan repayment is more important than credit card debt assistance. If so, we will put the benefit selected into the final document. Our excellent customer service is always guaranteed. We also have one of the most effective benefits administration processes in the industry. No one waits too long for service, and our response time is quick.

A debt management plan is not a sign of shame for anyone. It is an adult way to bring an end to a difficult situation. Countrywide provides the kind of financial wellness benefits that help people out of trouble and returns them to financial stability. If a decision-maker has questions about any of our benefits, we urge that person to contact us at their convenience. We offer the kind of assistance that solves problems.