No one goes bankrupt intentionally. However, people get into dire straits with their finances because of their problems managing the debt they acquired. Sizable debt rarely occurs overnight, and some debt is legitimate, such as mortgages or auto loans.
A major invoice, such as a medical bill, comes in the mail and stuns a person. It can throw things out of balance and cause an individual to panic. Who can blame a person for being anxious about the red ink? However, we do not think ordinary people are spendthrifts; they have difficulty managing their debt and could use some guidance.
Some Ideas for Debt Management
There are some ways to do a better job of managing debt and protecting your financial wellness.
- Review your Credit Report. The information will alert you to any outstanding debts and remind you about your credit score and your credit ratings.
- Be Flexible with your Budget. There must be some money set aside to manage sudden emergencies.
- Have a Debt Reduction Plan. It is not enough to keep the debt load from growing; you need to find ways to reduce it.
- Consolidate the Debt. It is possible to consolidate your credit card debt into one card, and credit card companies actively promote that strategy. Nevertheless, you have to be careful when you do this. Debt consolidation plans have attractive interest rates but severe penalties for missing a payment. You can see your loan interest jump when you forget to pay the bill. That is a convincing argument for using electronic transfers to manage a consolidation debt.
- Seek the Advice of a Financial Wellness Expert. Many people do not understand how to handle their debt obligations successfully. Lack of knowledge can cripple any effort to improve the situation. Therefore, it is a practical idea to find someone who is a professional in the field and can help you. Countrywide Pre—Paid Legal Services offers a financial wellness benefit that helps people take control of their money.
Certified Counselors Will Assist
Countrywide has a nationwide network of certified counselors who deal with employees’ common financial concerns. In addition, there is a counselor in the community of every Countrywide client, and financial wellness plan members are given priority status service.
A Countrywide counselor will examine a plan member’s status for making any recommendations. Then, that financial expert will perform a budget analysis to readjust spending and make paying bills more manageable. There are debt-reducing tactics a person can use, and the counselor will suggest these. No one needs to worry about getting a lecture or sermon on fiscal responsibility. Our counselors have great people skills, listen patiently, and seek to resolve a problem.
It is sad, but some people are in severe financial trouble due to their debts. We can help. Countrywide has a Debt Management Plan, which provides additional support and help in restructuring personal finances. We will tell you up front this will cost a little bit more. However, the help received from this particular benefit has allowed many people to avoid bankruptcy or foreclosure.
Our Client Will Decide
A Countrywide financial benefit is not a take it or leave it template. You want the benefit to help all employees of an organization, and those services employees can use should be in the plan. We collaborate with a prospective client to develop a program that will assist anyone.
We will discuss all our financial wellness services with prospective client decision-makers and ask them to select services that the organization wants to be included in the final plan document. Countrywide provides streamlined administration and superior member services.
We offer a comprehensive program that assists people in maintaining financial wellness and meeting obligations and emergencies. Our experience tells us that this is something that employees appreciate. If you are interested in what we offer, please contact us at your earliest convenience. Do not hesitate to ask us all kinds of questions; we will answer them.