Many Oregon residents look to their employers to help them with things like health insurance and saving money for retirement. Now, some employees may be able to look to their employer to help them deal with their debt.
Many larger companies are helping their employees pay off their student loans. Others are including debt solutions as part of the benefits package they offer when they hire new employees. There are a number of approaches that are being tried, including offering interest-free loans to pay off debt. Some offer payday loans or payday advances to help struggling employees address immediate financial concerns with the goal of protecting them from the trap of payday loan institutions.
There is a financial incentive for employers to help their employees deal with debt. A survey that was done with more than 1,600 full-time employees showed that 50 percent of them felt stressed about their finances. It has been estimated that every single year employee stress over finances is costing businesses as much as $250 billion. This is because when an employee is overly concerned about their financial situation, they have reduced productivity. The stress may lead to circumstances that could contribute to increased absenteeism.
Debt creates stress. A survey that was taken showed that 70 percent of employers felt that debt was the primary financial challenge facing their employees. Businesses are responding by offering programs to help students pay off their student loans.
If a person’s level of debt reaches the point where they are considering bankruptcy, they may benefit from consulting with a bankruptcy attorney. An experienced bankruptcy attorney might be able to save their client’s aggravation and money by providing assistance in filling out forms, by explaining exemption laws, and by helping their client understand the court rules that apply to filing for bankruptcy.