Credit & Debt Most Popular Articles

More Military Families Struggle With Debt

past due 380x253

These days, a large number of consumers are still struggling to make ends meet every month as the effects of the recession continue to fade from view. But few Americans are likely struggling as much as military families.

While the federal government allows for military members serving in active combat overseas additional pay, housing allowances and tax exemptions, many of their families are still struggling financially for a number of reasons, according to a report from CBS News. For one thing, those families who are being moved around with regularity may have trouble finding employment for the other spouse, and they may incur some moving costs not covered by federal allowances. The unemployment rate among military spouses is roughly 26%.

“The stress factors with the families is just unbelievable,” Roger Mealey, a Vietnam veteran who runs a website to aid struggling military families, told the news service, adding, “It just frustrates me. If we’re asking them to serve their country and put their life on the line, I don’t think their families should be put in the position where they’re sleeping on the floor or don’t have enough food to feed their kids.”

A recent survey found that 27% of servic members had more than $10,000 in credit card debt, which can be difficult to deal with, the report said. That’s compared with just 16% of civilians. In addition, more than one-third of military families responded that they struggle to pay the bills every month, and 20% also had to borrow money from entities other than banks.

[Featured Products: Research and compare loans at Credit.com]

Problematically, there is help available to servicemembers, but they may not always use it, the report said. For example, the military provides financial counseling services, but many troops may not seek it out because they don’t want their peers or commanders to know they’re having money trouble. Further, there are a number of nonprofit organizations like Mealey’s that exist specifically to help military members make ends meet.

Military members who are having financial difficulties should seek out help wherever they can find it. Even if they don’t want to go through official channels, conducting a simple search online might help them to find some form of assistance that they may not have known about.

Sound Off...What do you think? Join the discussion...

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

Contributor

Credit.com provides readers with unique insight, helpful tips and straight answers about their financial world. Our team of reporters and experts explore credit, loans, debt, saving, and identity theft topics, all designed to help you make smarter financial decisions. Visit Credit.com to sign up for your FREE Credit Report Card and find out where you stand today!

Related Links:

Can You Really Get Your Credit Score for Free?
The Ultimate Credit Report Cheat Sheet
Three Ways to Fight Military Identity Theft

© 2016 Military Advantage