Military and How Debt Affects Them

By: Michael Millington

For many members of the military who spend their time away from home, finances can create a large problem. Without the ability to directly deal with them, soldiers can often end up returning to massive debt. While it is a problem for some people to maintain their debt while they are present and working, it can be far more pressing for a veteran (or his/her family) to handle when not present. The effects that debt can have on a veteran can be crippling, even more so than on a regular civilian.

 

Ways Debt Effects Serving Men and Women

While debt is an issue that many people end up dealing with at one point or another, it stands to reason that more men and women who are enlisted in the military will deal with significant amounts of debt in their lifetimes. This can be due to many things, but one of the main reasons is the lack of a financial presence at home. A military salary can sometimes be the only income available to the family of a veteran. In some instances there is no other way to handle the financial burden and balances begin to accrue.

Although the amount of debt in a military household can rise while away on duty, the amount can also grow when a military person is not on active duty. Many members of the military experience difficulty trying to find employment after coming home from active duty. Many veterans experience long periods of time without jobs due to the difficulty of translating military skills to civilian jobs. Because of this, many bills that veterans have might end up growing out of hand.

While there are methods of debt relief available to military in the same way they are available to civilians, it can be harder for military to provide a constant income to bolster themselves during debt relief. Even though there have been many programs put into place to try and help veterans through this period of time, debt still plagues military families. Without the income necessary to help combat debt, the problem can grow until it becomes critical.

 

Ways Debt Relief Can Help Military

Debt relief can help veterans and their families get a fresh start on their financial lives. Although there are many offerings that constitute as debt relief, not all of them are as beneficial as they seem to be. There are quick fix solutions that can eliminate debt but leave your credit in ruins. There are also long term solutions that, while they may not affect your credit in a noticeable way, won’t allow you to save any money on what you owe.

Many individuals who deal with large amounts of debt might think that bankruptcy is the best option for them. Most people think of bankruptcy as a last resort, and for good reason. Bankruptcy can be appealing to some because of the potential it has to wipe out certain debts without the need to pay them back. The reason bankruptcy is considered a last resort is the fact that a bankruptcy stays on your credit record for at least seven years. In this time it becomes nearly impossible to apply for new credit cards, loans or other forms of credit accounts.

A form of debt relief that can help veterans achieve debt freedom is debt settlement. Not to be confused with debt consolidation, debt settlement can help reduce the total amount of debt you have while having it eliminated in as little as 24 months. Those who have struggled with long standing debt have found that debt settlement gives them a fresh financial slate to work with. Veterans might find that this form of debt relief benefits them the most as they don’t have to worry about a bankruptcy on their report for years.

 

How to Alleviate Debt as a Veteran

Seeking debt relief is the first step towards achieving debt freedom, but there are other ways a military veteran can help to alleviate their debt. Making sure a stable support system is in place can go a long way in helping to avoid falling into serious debt. Having a way to make payments on accounts that may be used in the absence of a member of the military can help to keep finances current and away from delinquent status.

Creating a special account can also help store away funds for veterans to use in these cases. There are a select amount of banks and credit unions who cater to veterans and their families when they are in need of financial services. Making an extra account with emergency funds can be a lifesaver when debt becomes an issue. There are even some bank accounts that can be opened with small amounts of money that grow through deposits and interest. This can be used while a member of the military is away.

Saving can help in a gradual way, but there can be times when even saving won’t be enough. In the event that certain credit accounts begin to fall behind, alerting your creditors to the situation might help to avoid the natural progression of accounts that fall into delinquency. Many financial institutions acknowledge the working men and women of the military being away on duty. As such, there are instances where certain privileges can be provided to military while away. It still behooves veterans to have an alternate way to make payments on their credit accounts.

 

Coming home from duty is not always easy. Having to adjust to civilian life can create problems that normal debtors might not experience. Guardian Debt Relief understands that debt affects us all, and that even veterans need help dealing with their finances. Having the ability to save money on your debts can be invaluable when you return from your service. Do yourself and your family the service of seeking debt settlement and reach out to one of our debt relief specialists. Our consultation call is free and we’re ready to answer any and all questions you might have. Take the first step and contact Guardian Debt Relief today.