![]() ![]() “The sense of urgency to create such a program may be dulled by the existence of other financial protections for this population and their families, such as the Military Lending Act and the Servicemembers Civil Relief Act,” Martucci explains. Unfortunately, there is no official government program in place offering consumer debt relief for veterans, active-duty military members, or their families. Saving Your Sanity: How to Deal with Debt Collectors Government Consumer Debt Relief for Veterans? “It’s difficult for military spouses to pursue lucrative careers, or the degrees necessary for those careers when they are moving every few years and taking on disproportionate duties at home,” he adds. Military families may also be increasingly reliant on the veteran’s or servicemember’s income, which may not be sufficient to make ends meet. Collectively, these conditions create an opening for financial predators,” Martucci cautions. “They often move, they may not have robust social networks outside the military, and their financial lives can be more uncertain. Servicemembers and their loved ones are typically more vulnerable to financial scams, too. ![]() “These difficul0ties may impact their ability to work full-time or at the same level of productivity as before.” “Many of these individuals experience mental health challenges directly or indirectly related to their service, as well,” says Brian Martucci, finance editor for Money Crashers in Minneapolis. While 49% wish they had more information about financial resources tailored to veterans and 50% believe there aren’t enough financial resources available for veterans. ![]() Additionally, Active duty servicemembers are much more likely than the general population (86% versus 69%) to fret about personal finances. The 2020 Military Financial Readiness Survey conducted by the National Foundation for Credit Counseling (NFCC) found that 54% of servicemembers are “just getting by financially,” up from 43% in 2019. These troubles can make it tough to stay financially afloat and meet important goals in life, such as purchasing or keeping a home, remaining healthy, saving for retirement or a child’s college fund, or getting out of debt. Plenty of military veterans, active-duty military members, and loved ones in their households confront difficulties during or after military service. Why Many Veterans Suffer Financial Challenges Learn more about how to get consumer debt relief and how to take advantage of veteran debt relief grants available. Are you a military veteran, active-duty servicemember, or a military family member who is having trouble paying the bills and experiencing financial hardship? The good news is that there are veteran debt relief grants and other resources for which you may be eligible including disabled veteran debt relief grants. ![]()
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