We are pretty much done with the pandemic years. Covid 19 is still with us, but the latest job numbers are reassuring. Unemployment is currently not a problem. Americans may feel relieved but must be concerned about the future. New storm clouds are gathering.
Inflation and interest rates
Inflation figures for June are 9.1%, the highest in over 40 years. Interest rates are also starting to rise. Neither is a good sign. The statistics may negate any salary increases or job promotions. American consumers adjusted their spending during the pandemic, and some decisions were not wise. College debt moratoriums, evictions, foreclosures and other obligations made life bearable, but not everyone was saving for a rainy day.
Financial health issues
Moratoriums will end, and people will be caught in a severe lockdown. The delayed expenses will come on top of new obligations, and many people are not ready for the financial hit. And extreme cases include foreclosure and bankruptcy.
Employees dealing with financial wellness challenges need help. Advice and support from a money specialist would be appreciated. Those in desperate situations often need more help. Nationwide Prepaid Legal Services has a debt management plan to help the desperate.
Our debt management plan
A nationwide network of certified advisors serves the Nationwide Financial Wellness Plan. They are financial experts who help people with common money problems. There is one in every community where we have a customer. The first service provided is a budget counseling session, and our counselors will perform a budget analysis to determine the financial condition of a financial wellness plan member.
The counselor can recommend the debt management plan based on the information obtained. It is a benefit that will help someone in a difficult mess and in desperate times. We must tell you that this benefit costs a little more than regular services, but it is an effective medicine for a person who is on the verge of financial ruin.
Everyone enrolled in the Nationwide Debt Management Plan will receive ongoing counseling to resolve financial challenges. More customer support than usual advice is given. The debt management plan can convince creditors that:
- lower or waive interest rates
- wave fees
- lower existing payments
- consolidate existing debt into an affordable repayment plan.
The goal is to save a person from potential bankruptcy or foreclosure. Whoever follows the guidelines in the debt management plan will be able to correct a sharp situation.
We have additional services
A nationwide financial wellness plan is comprehensive and aims to help all employees of one of our clients. A potential client’s management will determine the services in each nationwide benefit.
Our process is simple. We explain to the potential customer organization all our advantages. We expect these leaders to have questions and we answer them all thoroughly. We will then ask these executives to select the financial health plan options they would like to see in their unique benefit. These choices are part of the final planning document. Nationwide will provide administration and membership services.
A little extra
We expect more advisors than advice. It is not easy for someone in financial trouble to talk about their problems. Nationwide advisors must demonstrate great empathy and emotional intelligence. We want a plan member to feel comfortable talking to a counselor. Our advisors give these members priority status and arranging an advisory session is easy. Everyone is treated with courtesy and respect.
Countrywide has the kind of help needed in these uncertain times. We encourage you to contact us as soon as possible to discuss what we can do for your employees. We provide the right help to help anyone who is facing financial problems.