Financial Education Archives

Financial Education

August 17 2021

6 Reasons Employers Should Empower Their Employees With Credit and Financial Literacy

Team NLC Consumer Education, Financial Education

In a world where financial literacy is becoming increasingly important, employers are presented with an opportunity to help their employees.

The financial problems of employees can have a huge impact on their job performance. National Legal Center provides education regarding credit and debt law as a no-cost employee benefit. Together, we can #standuptodebt, improve financial literacy among your workforce and increase productivity along the way.

Do you know how far-reaching financial stress is for your employees?

Here are 6 Reasons employers should empower their employees with credit and financial literacy.

The financial problems of your staff are not just their problem. Financial stress creates a ripple effect that impacts the entire organization. Helping them improve financial literacy is an investment in improving overall business efficiency and success.
You will improve both engagement and productivity in the workplace. Research has shown that financial literacy training can improve both engagement and productivity in the workplace.
Increased morale among your team. Financial education programs increase job satisfaction because they know their employer helped relieve their financial stress. Higher morale leads to higher productivity. Therefore, employers who provide financial education for their employees will experience increased employee success and job satisfaction.
You’ll reduce turnover when you show genuine care for your employees. Employees with financial stress are more likely to leave their jobs. Lowering their financial stress can significantly reduce the cost of your talent acquisition and time invested in training.
Reduced stress helps their overall health. Employees who report financial stress are more likely to have high blood pressure, ulcers, and insomnia.
You’ll show you are vested in the people who are vested in your organization. It is challenging for anyone to thrive when they’re stressed about money. Employers should want their team to be well, both on and off the job.

Providing financial education for employees will save them money and improve your overall company culture. In addition, financial literacy training can lead to significant savings in many areas. Potential outcomes are improved debt management, reduced credit card interest and loan fees, better use of employer discounts, increased benefits from 401Ks and IRAs, and lower tax rates.

National Legal Center provides education regarding credit and debt law as a no-cost employee benefit. Together, we can #standuptodebt and improve financial literacy among your workforce and increase productivity along the way. To learn more about bringing this no-cost benefit to your team, head over to www.nationallegal.com/groupbenefits to request information. We’ll be happy to chat with you!

July 31 2021

How Can Older Americans Combat Debt Collection Trouble?

Team NLC Debt Resolution, Financial Education, Senior Focus

Older Americans are struggling, possibly more than ever.

In 2019, the Congressional Research Service completed a study that found that 61% of households led by an individual aged 65 or older are dealing with a median debt of $31,500. Given that the average social security benefit is roughly $1,500 monthly, there is quite a gap to overcome.

With finances so tight for older Americans on a fixed income, it is not uncommon for accounts to fall behind. This leads to debt collection trouble. From phone calls and collection letters to late fees and high interest charges, it can be a lot to deal with.

The team at National Legal Center advocates for older Americans and helps them overcome debt collection trouble.

If you are an older American dealing with debt collection trouble—or care for someone who is— a few action items can make a world of difference.

Acknowledge and Assess

First, get a complete understanding of the situation.

Obtain a free copy of your credit report from AnnualCreditReport.com. Usually, you can obtain one free copy per bureau per year. However, at the time of this writing, you can get free reports weekly due to the pandemic.

Once you have the report, compare the information on your credit report with what the debt collectors claim you owe. If anything does not match up, make a note of it so you can consider disputing the debt when you develop your action plan.

Know Your Rights

Second, know your rights.

It may be helpful to speak with a debt attorney or do some careful research to understand what a debt collector can or cannot do or say. Many consumer protection laws are meant to prevent a debt collector from doing and saying certain things. Many of these are provisions of the FDCPA (Fair Debt Collections Practices Act).

Just because it is a law, though, doesn’t mean they don’t step over the line from time to time. Knowing your rights will help you know when a collector is in violation, potentially allowing you to take action against them.

Know Your Risks

In addition to knowing what your rights are, it helps to know what risks you may be facing.

When the legal team at NLC speaks with older Americans about their debt, we spend a lot of time understanding their risk. This will help determine the most appropriate approach to dealing with debt.

An older American on a limited, fixed income who does not own property will likely have different risks than a homeowner working a part-time job.

These details, and many others, will determine what a creditor can and cannot do in their efforts to collect on a debt. By understanding your risks, you can then see if there are ways to minimize them proactively.

Develop a Plan

Lastly, make an action plan.

Once you understand the details of your situation and your rights and risks as a person with delinquent debt, you can make a plan of action to deal with the situation.

Your plan may simply be to make payment arrangements with the collectors. In other situations you may want to write letters to dispute the debt or inform them of your hardship and your inability to pay. If you aren’t sure, consider speaking with an attorney familiar with state and federal laws surrounding debt to help you develop your plan of action.

Stand Up To Debt

Whatever your action plan proves to be, ensure it is achievable and affordable. Affordability is especially important for older Americans who are dealing with debt on a fixed income. Follow these steps, and you’ll have the best chances of success. We wish you luck in standing up to debt!