The dynamics of supporting a household while on active duty can be especially complex, and often the process of just paying routine bills can become a challenge.
Boston, MA (PRWEB) May 23, 2014
As Memorial Day weekend nears, national nonprofit American Consumer Credit Counseling wants to remind our service members that they are there to assist with the unique financial challenges faced by both active duty service members and veterans. Recently, the Bureau of Labor Statistics released a report that found that for the fourth year in a row, veterans are having a harder time finding jobs than non-veterans.
“This Memorial Day, I can think of no better way to honor our service men and women than with the gift of financial freedom,” said Steve Trumble, President and CEO of Newton-based American Consumer Credit Counseling. “The dynamics of supporting a household while on active duty can be especially complex, and often the process of just paying routine bills can become a challenge. The last thing any military member should worry about while serving our country is their financial situation at home.”
According to a recent survey conducted by the National Foundation for Credit Counseling, most rank-and-file service members are troubled by their financial situations and future ability to earn and save enough. Fifty-seven percent say they’re worried about potential loss of income and job security as a result of defense cuts and downsizing. Additionally, fifty-five percent say they’re ill-prepared financially for an emergency. More troubling, despite a recovering economy, they’re more worried now than they were twelve months ago.
“The unique challenges of military life both pre and post deployment – frequent relocation, separation from family and friends, the stresses of deployment, and returning to limited employment opportunities – often lead to increased vulnerability to identity theft, failure to pay household expenses, heavy reliance on mortgage options, and significant credit card usage,” said Trumble.
In addition to the guidance below from ACCC’s financial education experts, who work every day with hundreds of military men and women, the nonprofit also launched an online veterans and military financial resource center on their website, ConsumerCredit.com. The resource center provides direct access to money management, budgeting, and financial literacy education.
The resource center provides former and current military members with the information and tools to evaluate their current financial situations, assist with future planning and analysis, and create target plans to manage and overcome their financial challenges.
There are several ways military families can achieve financial freedom:
1. Take advantage of resources – suspend cell phone use while deployed, through the Veteran’s Benefit’s Improvement Act
2. Reduce auto insurance policy limits for cars that will be stored
3. Reduce credit card, mortgage, and auto loan interest rates to six percent during deployment
4. Get involved with a Thrift Savings Plan, a retirement plan for military personnel
5. Take advantage of the Valor Act, an act that transfers skill sets learned in the military to resumes and college credits
6. Visit the Militarysaves.org for Department of Defense approved organizations to assist with financial resources
American Consumer Credit Counseling’s certified and experienced counselors offer various financial education, counseling and debt management services to help consumers achieve long-term financial health and stability. ACCC works closely with various military and veterans financial education programs such as the National Guard’s Yellow Ribbon program in Massachusetts, the New England Center for Homeless Veterans of Boston, Fathers Bills Shelter of Brockton, the Lowell and Newton Veterans Centers and the Bedford, Brockton, and Jamaica Plain VA’s. ACCC also teaches classes on budget, credit, money management, and identity theft on military bases such as Otis Air Force Base, Hanscom Air Force Base, Fort Devens, and Camp Curtis Guild.
ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. ACCC provides individuals with practical debt solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC’s certified credit advisors work with consumers to help them determine the best plan of action to get out of debt and regain financial stability. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources, log on to ConsumerCredit.com or visit TalkingCentsBlog.com.