Dealing With Credit Card Anxiety

Employees want to be responsible for their finances. They know that credit cards need to be managed and used carefully. Concern can lead to anxiety caused by fear of debt, overspending, or unexpected expenses. This type of negativity can be distracting and make employees less productive. Credit card anxiety must be dealt with.

Understanding the Cause

The first step in controlling credit card anxiety is to realize what is causing it. A person must stop and think about why they are obsessing over plastic. Recognizing the symptoms come with answers to a few questions:

What is triggering the anxiety?
What personal fears are there about using credit cards?
Were there negative experiences with credit cards in the past?
What personal feelings are there about debt and money?

Knowing the answers allows an individual to develop ways to deal with anxiety.

Get Organized

The solution starts with gathering all credit card statements and creating a spreadsheet or using a budgeting app to track all expenses. It gives a person a better idea of where the money is going and where spending reductions are possible. Setting financial goals is always encouraged for financial wellness. For example, one goal can be paying off credit card debt.

Making a Plan

Anxiety is reduced when a workable plan is created. Makes a list of all credit card debts and then prioritizes them. A good idea is to pay off those credit cards At the highest interest rate first and make minimum payments on the rest. Once one credit card is paid off, the pain is rolled into the next credit card debt on the list. It is the snowball method, and it works.

Balance Transfers

Some credit cards may have incredibly high-interest rates, but that problem is easy to solve. Credit card companies are always promoting balance transfers to protect financial wellness. An employee can quickly transfer the balance of a high-interest credit card to one whose interest rates are very low. It is important to remember that transfer plans last for a short period, and then higher interest is activated; missing a payment also starts the higher figures. Financial wellness requires reading the fine print.

Professional Help

We are not talking about psychoanalysis; we mean financial advice. It is a relief to speak with somebody who is a skilled professional with ideas to reduce credit card debt. Countrywide Pre-Paid Legal Services has a financial wellness benefit that organizations can offer their employees.

We rely on a nationwide network of certified counselors to provide financial wellness services. These experts can assist a plan member in managing credit card debt and reducing credit card anxiety. Our counselors can help develop a budget and identify areas where a slight adjustment can free up cash to pay off credit cards. Moreover, our counselors know about programs to assist individuals as they tackle their credit situation.

We Are Here to Help

Countrywide provides benefits to organizations of all sizes. We know that employers want to help their hard-working staff, and they also want a benefit that everyone can use. So, we let the organization design its benefit.

We will explain to the decision-makers of a prospective client all our financial wellness benefit options. We do not hesitate to answer any questions and do not promote one option over another. We want to give a benefit that every employee is going to use. Management decides what benefit options will be in their unique plan. In addition, we provide administration and superior member services.