Military Members Debt Management Strategies

: Chris Lee Law Firm

  Filed under: Money Management

credit counselingActive duty service members face many challenges. Not only must they leave their homes and families, many also experience difficulty managing their finances and debts while away on duty. Since the height of the recession many military members have lost their homes to foreclosure and entered bankruptcy protection. Luckily, there are programs to help active service members manage such challenges, some of which start with a short educational course.

Credit Counseling For Soldiers

While credit counseling courses are required for most bankruptcy filers, these courses are open to everyone. Further, many of these agencies are now targeting specific populations in hopes of helping more consumers head off financial disaster before it strikes. One area that has gained popularity is providing seminars and workshops to military members about to deploy or between assignments.

Preparing for deployment takes much more attention to detail than the contents of their bag and weapons training. Many service members are now taking the time to attend these affordable, and sometimes free, courses that teach concepts such as budgeting, saving, how to use credit responsibly, debt reduction techniques and ways to stay out of mortgage debt.  Organizing finances and ensuring a stable home life for their families makes service members more productive when away and protects the life they left behind.




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