Published By Countrywide Pre-Paid Legal Services, Inc.
If there was anything good that came out of the 2020 COVID-19 crisis, it was the reduced credit card debt. A study conducted by WalletHub showed that Americans reduced their credit card debt by $82.1 billion. It is a significant improvement, but the national credit card problem remains, and it could get worse.
The stimulus checks helped many bring down their credit card debt figures, but the money has now been spent. WalletHub predicted that there will be an increase in credit card debt of $60 billion. There is a distinct possibility that America will soon be experiencing a high rate of inflation. It could add fuel to an already lit fire.
Increased prices on food and other necessities will tempt credit cardholders to charge items such as groceries in addition to further purchases. As a result, an individual may see personal card balances shoot up along with the interest charges. There must be a way to prevent credit balances from harming financial wellness. Countrywide Pre-Paid Legal Services has a benefit that permits people to take better control of their money.
Counselors Who Advise
Countrywide has a national network of certified counselors who will provide badly needed service. Our counselors are seasoned veterans who help people with common financial problems such as credit card debt. There is one in every Countrywide client community, and there is no problem in establishing contact.
Personal budget analysis is a primary tool of a Countrywide counselor. That person will review the cash flow of a financial wellness plan member and note the impact of credit cards on private cash. Armed with this information, the counselor can make suggestions on how to deal with credit, including
- Pay Off the Larger Balances First. The cardholder pays more monthly on the card with the highest balances and less on those bits of plastic that have smaller balances.
- Rainy Day Fund. Putting aside money each month to provide available resources to pay unexpected bills.
- Credit Card Islands. It involves using each credit card for a specific purpose. A plan member might use one card for transfer of balance purposes and another for those purchases that will not be paid in full, and yet another for the items the holder intends to pay off completely.
- Reward Cards. A credit card strategy might include better use of reward cards to avoid using credit.
- Better Budgeting. The counselor works with the financial wellness plan member to create a system of payments that meets the bills, with a little extra for savings or paying down debt.
Counselors Who Care
Folks run into credit card debt for various reasons, and it doesn’t make them spendthrifts or irresponsible. However, it can be very embarrassing to talk about credit card problems that have gotten out of control.
We are not here to make a financial wellness plan member feel bad. Countrywide looks for workable solutions to a problem, and our answers do not require stern lectures. The solution process does require careful listening and empathy. Our counselors are recruited on their people skills as well as financial expertise. Every plan member will be treated with respect no matter the origin of the problem.
The Client is the Decision Maker
Countrywide offers services to help solve financial wellness difficulties, but we know that some of these benefits are not what a client’s workforce needs. So, we ask the decision-makers of a prospective client to help us. Those executives are shown all our services and are encouraged to ask questions. They choose the services they want, and those choices are in the plan document. Countrywide provides the administration and the member services.
There is no way to predict the future accurately, but current challenges might have negative consequences. The sooner a person in credit card debt gets help; the brighter tomorrow will be. We welcome any interest in our financial wellness benefit, and we encourage you to call us at your convenience.