We have never experienced a situation like this before. America is in a national state of quarantine and millions of workers are furloughed. Fortunately, there are stimulus checks and unemployment compensation available, but these are not going to solve all financial problems. Many Americans are facing a severe threat to their financial wellness and it is causing high levels of stress and anxiety.
Mistakes Caused by Panic
The media has numerous stories of people going to stores and buying more toilet paper and other products than they need. Other reports tell of possible rent freezes and other ways to assist people. The major problem, however, is decisions that are induced by money fears.
Mistakes happen when a person is upset. Financial advisors do not recommend taking loans out against 401(k) balances, but these are starting to happen. Other people are worried about how to handle college debt and forbearance seems to be the only option. There is a concern that banks might foreclose on mortgages. Employers are taking great strides to help their employees handle the crisis. Something that can really help is to provide a financial wellness benefit. Countrywide Pre-Paid Legal Services has a program that will help employees make prudent economic decisions.
The Help of a Knowledgeable Counselor
Countrywide takes advantage of the expertise of a nationwide network of certified counselors. Prospective client organizations can be assured that there will be a Countrywide financial wellness counselor located in the community where a client does business. The counselors give Countrywide plan members priority status and arranging for a consultation is very easy.
Counselors know how to handle debt during times of emergency. Not everybody knows this, but there are credit card issuers that have hardship programs with extended payment deadlines, and reduced APRs are possible. A financial wellness plan member might be able to skip a payment if the request is appropriately worded and presented. The counselor will help prepare that paperwork.
The trouble some people run into is poorly designed budgets. These folks honestly do not know where their money is going on a routine basis. The Countrywide counselor will do a budget analysis to get a better understanding of the existing cash flow.
Our financial expert can point out ways where a plan member can better manage the money, they have in their banking accounts. If a person has to come up with a large sum of money right away, the counselor can do an asset inventory to find out what assets (stocks, bonds, collectibles, etc.) can be sold to come up with the needed cash.
A Partnership with Our Clients
Countrywide has financial wellness services that can help with managing medical bills, college loans, and even negotiate bankruptcy. We want to be able to give plan members the services they need, and we want all the client’s workforce to benefit from what we can do.
We believe that working with clients in a partnership is the best way. It means that a client looks at our benefit options and decides which ones are best suited for the employees. We will explain every option, but we leave the final decisions up to the employer. We commit to providing superior member services. Our administration is designed to give needed help as soon as possible, and as efficiently as possible. Clients can be assured that our counselors have high levels of emotional intelligence. Every person, no matter what the job title is, will be treated with respect and courtesy.
We Provide a Road to Recovery
There will come a day when we all will be able to go back to work. That is a time when employees are going to need help in recovering from financial difficulties. A forward-looking employer will take a serious look at our financial wellness plan and offer it to employees. It is a benefit those people will appreciate and increase morale in a difficult time. If you have any questions about our services, please feel free to contact us at your convenience. We are ready to answer all your questions.