Don't Let Finances be a Battlefield

Week of August 11, 2008

Like many American households, some military families have been squeezed by rapidly rising prices for gas and groceries, as well as plummeting home values that affect mortgages and their ability to borrow. But they're also more vulnerable to predatory lending. They are three times more likely than civilians to take out so-called payday loans that charge exorbitant interest rates -- as high as 400 percent, according to a 2006 federal Department of Defense report. To combat the problem, the DoD launched "Military Saves," two years ago. This program is a promotional campaign created to "persuade, motivate and encourage" military families to be savers. Learn more about programs to help military servicemembers and veterans get out of debt.