Sense & Centsibility Blog
Debt

Veterans and Debt: Help is Out There

Thursday, July 2, 2015 - 08:43

veteran and son

While courageous members of the military are on the front lines facing conflicts around the world, a new survey suggests that they may be tackling financial battles at home, too. Thankfully, there is a growing awareness of the benefit that support networks can play in helping our heroes tackle serious medical, logistical and transitional issues.

Free, confidential and caring confidential support is available for veterans and their families.

LSS Financial Counseling, a member of the National Foundation for Credit CounselingⓇ (NFCCⓇ), recognizes that debt management and savings are matters of common concern among civilians as well as service members and their families. Challenges for military families include:

  • Frequent relocation
  • Deployment
  • Transition to civilian life
  • Employment for military spouses.

Military participants surveyed after enrolling in the Sharpen Your Financial FocusTM (Sharpen) program of the NFCC were found to have fewer tangible assets and a higher level of unsecured debt than the average program participant. Unsecured debt balances for members of the military averaged 7.1% higher than the combined average according to The Ohio State University (OSU) data. “Those who serve our country as members of the armed forces are faced with unique circumstances that can influence their financial situation,” said Cate Rysavy, Senior Director with LSS Financial Counseling. Tangible assets for military consumers were 16.2% less than the overall program participant average.

This concerning mix of lower accumulation of wealth and higher than average unsecured debt, combined with the ever changing nature of military life, can create a difficult and dangerous financial cycle. LSS, in partnership with Minnesota Department of Veteran’s Affairs (MDVA), stands ready to serve active duty members of the military, veterans, and their families as they face these unique crossroads in their lives. “Our organization is proud to provide professional resources to guide military members and their families through financial matters during all stages of military life,” says Rysavy.

We provide financial counseling in-person, by phone, or online. To reach a certified financial counselor today, consumers can call 888.577.2227 or visit our website.