Credit cards rule the domestic economy of many households. Few people want to carry a lot of cash, and credit cards have always been convenient for buying things. However, the pandemic caused people to shop online, using their plastic to purchase essentials in addition to gifts. As a result, many now deal with sizable credit card balances. That situation is dangerous.
It is more than simply larger minimum payments due each month. Overusing credit cards will put a strain on family budgets. It is no secret that credit card abuse has brought many people to the brink of bankruptcy. Forgetting to pay some credit cards will lead to major problems. Plastic is important, but it is a beast that must be kept under control.
Financial wellness depends on keeping credit card debt under control. However, there are some straightforward strategies a consumer may use to prevent a serious situation, and it does not require having the skills of an accountant.
1. Pay on time. Overdue payments on credit card bills do damage. In addition to late charges and penalties, a habit of not paying promptly can affect your credit ratings.
2. Pay more than the minimum. We are not suggesting that you pay off the credit card bill every month. However, an excellent way to reduce the debt is to pay a little more than the minimum requirement. Of course, reducing the debt amounts means sensibly using your plastic and not binge buying expeditions online.
3. Credit card debt consolidation. If a person has more than one credit card, it might be good to consolidate all the debt into one credit card or one payment plan. However, it is essential to remember that a past due payment on a consolidation bill may generate a massive penalty.
Countrywide Can Help
Countrywide Pre-Paid Legal Services appreciates how important it is for employees to keep their credit cards under control. Therefore, we have a financial wellness benefit that offers a person the assistance and advice to solve a problem before it becomes an emergency.
We have a nationwide network of certified counselors who provide expert financial wellness advice. These professionals work with common money problems people face and offer advice folks can use.
The counselor looks at the cash flow of a plan member and does a thorough budget analysis. Ways of dealing with credit cards are suggested, such as having an emergency fund, and a person can have a sensible payment strategy are discussed. Our counselors know the ins and outs of credit card management and will advise on card consolidation and how to spend more responsibly. The intent is to make sure that a financial wellness plan member can fit reasonable credit card payments into an overall plan.
The Client Works with Us
Countrywide is a leader in the industry, but we are not omnipotent. We know that a client organization has a unique workforce, and benefits must help everyone. Therefore, some of our options are unnecessary, and we will not insist on them.
Instead, we show our benefit options to a prospective client organization. We explained the various options, and we will answer all the questions decision-makers have. Those people will then decide what benefit options will be part of their Countrywide financial wellness plan. We will provide the member services and a streamlined administration. We maintain a close relationship with our clients, and if any problems arise, Countrywide acts quickly to correct them.
Managing credit cards effectively will reduce the anxiety level of any employee. These industrious associates will appreciate any help an employer provides, and an excellent financial wellness plan means a lot to them. If you have any questions about our benefits, we invite you to contact us at your earliest convenience. We can help your employees keep credit card debt under control.