For Immediate Release
Contact: Anissa Schultz
Attn: Military, Consumer and Financial Reporters
Phone: 402-514-3301
Monday, February 27, 2017 anissa@creditadvisors.org
*****PRESS RELEASE*****
Credit Advisors Foundation Addresses Financial Challenges Faced by Military Families
Active duty military, veterans and their families battle debt with support.
Omaha, NE – Each year at this time, Credit Advisors Foundation, a National Foundation for Credit Counseling agency, joins hundreds of other organizations throughout the nation to recognize Military Saves Week. As we honor the men and women of our armed forces for their commitment and sacrifice for our country, we take a moment to draw attention to the personal financial challenges they face for themselves and their families. Fortunately, there is increasing awareness of the benefit that support networks can play in helping our heroes tackle serious medical, logistical and transitional issues. Some common challenges for civilians, such as debt management and savings, are familiar to service members and their families as well.
“The requirements of military service have broad implications for each duty-bound service member and their supportive families,” said Anissa Schultz, Director of Education for Credit Advisors Foundation. “Credit Advisors Foundation is proud to provide professional resources to guide military members and their families through financial decisions at all stages of military life.”
In September 2013, members of the National Foundation for Credit Counseling® (NFCC®) launched the Sharpen Your Financial Focus® (Sharpen) initiative, with an evaluation conducted by researchers from The Ohio State University. The results revealed a pronounced and statistically significant reduction in revolving and total debt versus comparison group and outcomes included impressive impacts on improved liquidity and credit score recovery. The survey also showed that military veterans held credit card debt and mortgage debt in higher proportions than other cohorts measured. This mix of lower accumulation of wealth and higher than average unsecured debt, combined with the ever-changing nature of military life, can create a difficult and dangerous financial cycle.
Among the aspects of military life that pose challenges to personal financial management are:
Deployment – Deployed members of the military are protected from a pileup of interest and fees on existing debts through the Soldiers’ and Sailors’ Civil Relief Act (SSCRA), also known as the Service-Members’ Civil Relief Act or SCRA. Although this protection can cap annual interest rates at six percent during deployment, it only applies to debt incurred before beginning active duty and requires a written request for relief to the lender. Responsible debt management that prevents further balance increases is an important consideration for deployed service members and their families on the home front.
Frequent Relocation – Moving is a common aspect of military life. With each transition, military families must consider new housing choices and how a different local economy will affect their financial future. The length of time at a duty station, available housing, employment options for spouses and cost of living are all factors that can make a significant difference for household budgets and savings plans.
Employment for Military Spouses – One income is not always enough to make ends meet, however changing local economies and frequent relocation can make it difficult for spouses to maintain steady employment. Carefully planning a budget to operate on a single income when necessary is the key to balance income and expenses while avoiding unnecessary reliance on debt.
Transition to Civilian Life – Employers are encouraged to hire military veterans for many good reasons. Former service members are among the best-trained and most highly skilled employees available in today’s workforce. With all of the advantages of a distinguished military record, there can still be a few bumps along the way during the move from active duty to civilian life. Changes in salary and housing expenses can pose their own challenges that may require some reliable advice from objective sources.
Credit Advisors Foundation offers a variety of services to help members of the military and their families. For help with credit card debt, student loans, impending foreclosure or other financial challenges, visit www.creditadvisors.org or call 1-800-942-9027.
About Credit Advisors Foundation
Our programs here at Credit Advisors have been helping people get out of debt with dignity since 1991. We‘ve helped thousands of people get control of their money problems and go on with their lives, and we can help you too.
Our mission is to eradicate the causes and consequences of ineffective consumer debt management through education, training and programs delivered with the highest level of customer service and dignity free from all forms of discrimination.
About NFCC
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With 600 member offices serving 50 states and Puerto Rico, our NFCC® Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit nfcc.org today.
###
To request an interview with a representative of Credit Advisors Foundation, please contact Sam Hohman at 402-514-3333 or shohman@creditadvisors.org.
