Benefits plans provide employees with benefits. Practical information is a benefit too, especially in areas like financial wellness. It is difficult for employees to save money when they struggle to make ends meet. One of the reasons some employees may be struggling is they have taken on debt. According to a new survey, 80% of employees have a problematic level of debt. This can be an opportunity for employers to share information through live seminars, video classes, training available online and face-to-face conversations.

Why is this important? There are lots of reasons, but a very timely one is the rising interest rate environment. When people run up charges on their credit cards and carry balances month to month, they are paying interest on the unpaid charges. The Fed Funds rate has risen to 4.50%, yet the average credit card interest rate is 16.27%. If you have “fair credit” the rate might be over 24%!

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