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Home / Insurance / Managing Credit Cards During Inflation It’s Easier Than You Think — Legal Insurance Blog — September 29, 2022

Managing Credit Cards During Inflation It’s Easier Than You Think — Legal Insurance Blog — September 29, 2022



stockfresh_1211123_upset-woman-glaring-at-her-many-credit-cards_sizeS-300x200The rate of inflation may have fallen last month, but we are still experiencing rising prices, more than we have dealt with in decades. So it can be challenging times for those who use their credit cards.

Telling people not to use credit cards is unrealistic. Most in-store purchases are made with plastic because it’s safer than carrying cash. All online purchases require a credit card to complete the sale. Unfortunately, credit card interest rates are the only ones that won’t go down. These double-digit fees create large holes in the financial well-being of the average consumer.

The only advice most people know about dealing with credit cards is to either not use them, which we know is impractical, or to simply try to pay it all off in one go. It is also not a good idea in a time of inflation. Rising prices can require an individual to live paycheck to paycheck. Therefore, they need some guidance to get control of their credit cards. That is the service that financial professionals can provide.

An experienced advisor can offer the expertise to gain greater control over these credit balances. The proposals are important in this time of rising costs. Nationwide Prepaid Legal Services wants to help people in their struggle to keep debt balances manageable. We have a financial health plan that people can use.

We rely on money veterans

Countrywide has a nationwide network of certified advisers. These are seasoned professionals who deal with everyday financial issues that ordinary consumers face. In addition, we have a community advisor for each nationwide financial wellness. We encourage one-on-one conferences and scheduling an appointment with an advisor is easy.

They offer valuable suggestions

A nationwide advisor will do a budget analysis to examine a person’s cash flow. Then existing debt obligations such as college loans are considered. The nationwide advisor will then work with the financial wellness plan member. Together they develop a strategy for managing credit cards.

The adviser can make the following suggestions:

  • Electronic transfers for minimum payments. Financial gurus recommend minimum payments for large credit card balances. We think it’s a promising idea, but we know that there is a chance that an individual will miss payment deadlines by mistake. Scheduling electronically transfers a person’s bank accounts to the credit card company means the money arrives on time and a person avoids late fees and has strong credit.
  • Use the rewards constructively. Credit card companies will provide rewards points and cash for using credit cards. Some people have large piles of reward points and haven’t used them. It is wise to take these rewards and the money and use them to buy Christmas or birthday presents. That way, you avoid charging the gifts to your credit card and use what you already have.
  • Consolidation. It simply means that you take multiple credit card balances and have them all credited to one card. Creditors encourage this by offering low interest rates for a given period. It’s not a bad idea, and an advisor can help a person look for the best consolidation deal.

Customer engagement is essential

Countrywide wants to offer affordable health plans that everyone in an organization can use. We do this with the help of the prospective customer’s management.

We discuss all our benefit options with decision makers. We answer their questions and point out the advantages each option can provide. Then Countrywide goes back. A client’s management will determine what options will be in their financial wellness plan. We include it in the final plan document, and Countrywide will provide member services and administration of the benefit.

The result is the help employees need to manage their credit cards. It is a well-appreciated staff benefit. If you would like to know more about what Countrywide can do, please contact us as soon as possible. What we provide is something that all your employees can use!


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