If there was one good thing 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. This is a significant improvement, but the national credit card problem remains, and it could get worse.
The stimulus checks helped many people reduce their credit card debt, but the money has now been spent. WalletHub predicted that credit card debt would increase by $ 60 billion. There is a clear possibility that America will soon experience a high inflation rate. It can provide fuel for an already lit fire.
Increased prices for food and other necessities will entice credit card holders to charge goods such as groceries in addition to additional purchases. As a result, a person may see personal card balances defer along with the interest charges. There must be a way to prevent credit balances from damaging economic well-being. Countrywide Pre-Paid Legal Services has a benefit that enables people to take better control of their money.
Countrywide has a national network of certified advisors that will provide much needed service. Our advisors are experienced veterans who help people with common financial problems such as credit card debt. There is one in each nationwide client community, and it is no problem to establish contact.
Personal budget analysis is a primary tool for a nationwide advisor. That person will review the cash flow of a member of a financial health plan and note the impact of credit cards on private cash. Armed with this information, the advisor can come up with suggestions on how to handle credit, including
- Paying off the major balances first. The cardholder pays more each month on the card with the highest balances and less on the plastic pieces that have smaller balances.
- Rainy Day Fund. Set aside money each month to provide available resources to pay unexpected bills.
- Credit Card Islands. This means that you use each credit card for a specific purpose. One plan member may use one card for the transfer of balance purposes and another for the purchases that will not be paid in full, and another for the items that the holder intends to pay off in full.
- Reward Card. A credit card strategy can include better use of reward cards to avoid using credit.
- Better budget. The advisor works together with the financial health plan member to create a payment system that meets the bills, with a little extra to save or pay down debts.
Advisers who care
People encounter credit card debt for various reasons, and that does not make them frugal or irresponsible. However, it can be very embarrassing to talk about credit card problems that have gotten out of control.
We're not here to make a member of a financial health plan feel bad. Nationwide is looking for feasible solutions to a problem, and our answers do not require rigorous lectures. The solution requires careful listening and empathy. Our advisors are recruited on both their skills and financial expertise. Each member of the plan will be treated with respect regardless of the origin of the problem.
The client is the decision maker
Nationwide offers services to solve financial health problems, but we know that some of these benefits are not what the client's staff needs. So we ask the decision makers of a potential customer to help us. These managers are shown all our services and are encouraged to ask questions. They choose the services they want, and these choices can be found in the planning document. Countrywide provides administration and membership services.
There is no way to predict the future exactly, but current challenges can have negative consequences. The earlier a person with credit card debt gets help; it will be brighter tomorrow. We welcome all interests for our financial health benefit, and we encourage you to call us when it suits you.