When it comes to debt, military families are in a unique situation. their main breadwinners can be shipped off overseas leaving the rest of the family to cope with their debts. This presentation offers some tips for how military families can deal with debt.

1. Helpful Financial Information from National Debt Relief …
Military Debt: How To
Deal With Debt In A
Military Family
Military debt is a serious problem for a
lot of our service men and women. It is
a sad situation because they have
sacrificed a lot in the service of their
country while their families have all
the signs of heading towards a financial
catastrophe. While they put their lives in
danger to make sure that the rest of the
country is safe, their families are left
defenseless against debt and other
financial obligations. (Continued)
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2. Helpful Financial Information from National Debt Relief …
We are not saying that their deployment is the cause of their financial troubles.
We acknowledge that it is mostly because of wrong financial choices that they
made. But just like everyone else, they are susceptible to the same financial
troubles that the rest of American consumers are facing.
An article from CNN.com revealed a rise in the use of food stamps redeemed by
military families. That means more and more military families are using food
stamps to buy military groceries. At least this is true since the recession that
began in 2008. As of the last fiscal year that ended in September 30 2013, almost
$104 million food stamps were redeemed. In 2012, the food stamps amounted to
$98.8 million. Now it is at $103.6 million.
Military financial management statistics
It is hard to say if military debt is to blame for the rise in the use of food stamps.
However, we can safely assume that is because their food budgets have come up
short. It is also a good assumption to say that they’ve made mistakes in terms of
their financial decisions.
The FINRA Investor Education Foundation conducted a military survey that
revealed the financial behavior of military families. According to the results
published on the FINRAFoundation.org, 36% of the participants in the survey
admitted to having problems when it comes to keeping up with their financial
obligations. The report revealed that this is still higher compared to the civilian
population - with ⅔ of them having similar problem. But still, ⅓ is still a high
percentage.
Among the other findings in this statistic are as follows:
• 25% of respondents with checking accounts have overdrawn their
accounts.
• 64% of military families who have overdrawn their account find it difficult
to meet their monthly expenses.
• 10% of families with a mortgage loan have been late on at least one
payment in the past two years.
• 3% of military families saw their their homes foreclosed

3. Helpful Financial Information from National Debt Relief …
• 3% of military families have declared themselves bankrupt in the past 2
years.
• 9% of those contributing to their retirement funds have taken a loan in the
past 12 months.
• 6% have done a permanent hardship withdrawal from their retirement
plan.
• Around half of respondents claim to have an emergency fund.
• More than 50% plan for life events
• More than ¼ of credit card holders owe $10,000 or more on their account.
In terms of the personal finances, 19% are dissatisfied with their current financial
condition. Only 26% are satisfied and 55% are neutral about it.
The survey was conducted last 2010 and we can only hope that things have gotten
better financially. With the declaration of President Obama that the federal
minimum wage will now be higher, we hope that things will get better for these
families.
7 steps to get rid of military debt problems
In most cases, military debt plays an important role in the lives of these
households. Among the debts that they owe include credit card debt, mortgage
loans, auto loans and student debt. If your family is going through the same
problem, you may want to follow these 7 simple steps to get out of debt.
Step 1: Organize your personal finances.
The first step is to know how much you owe. To do this, you have to organize your
personal finances. You need to categorize your income, expenses and your debts.
While your military debt is a part of your expenses, it pays to separate it from
your monthly household expenses.
Step 2: Create a debt payment plan.
The next step is to do something about your current debt. You have to choose a
debt relief program that you can follow to help you make better progress when it

4. Helpful Financial Information from National Debt Relief …
comes to your credit obligations. Sometimes, what we need is a structured debt
payment plan that helps us commit to our payments.
Step 3: Negotiate your debts. Get debt help if necessary.
If the total military debt that you owe is way beyond what you can really afford,
you should call your creditors and ask them to give you a discount. You can
negotiate for a lower interest rate or even a debt reduction. Or you might hire a
debt expert to help you with this. In exchange for a reasonable service charge, you
can have the peace of mind that comes with having an expert deal with your debt
problems.
Step 4: Appoint a financial manager in the family.
Choose who will manage your money. Having one person manage the finances in
the household is a great way to organize and simplify the decision making
process. While this financial manager should still consult the rest of the family, it
is ideal to have one person responsible. They will take care of the monetary
matters in behalf of the family.
Step 5: Refrain from adding more debt.
The next step is to keep your from adding more debts. You have to stop acquiring
them - at least until you have successfully paid off what you currently owe. If not,
you may have trouble keeping up with your payments. Put yourself under a cash
only policy while you are still getting out of debt.
Step 6: Earn more money.
Although the member of the family that is in military service is already earning
money, the spouse or partner left at home should try to earn more. At least, he or
she should be willing to sacrifice until the military debt is paid off. This will help
ease the burden for the one currently working.
Step 7: Educate yourself.
It is important for everyone to realize that financial management is a debt solution.
Regardless of how you plan on getting out of debt, this is an important aspect in
your debt relief program. You need to learn how to manage your finances. That is
how you will learn to use a budget, save and make smarter choices about your
money. Fortunately, there are many websites that will help educate you about

5. Helpful Financial Information from National Debt Relief …
your personal finances. Specifically, you can go to MilitarySource.mil for specific
help about your military debt.
4 options to get military financial aid
It may be a scary situation to watch your military debt grow. But your fear will do
nothing to help you. It is important to start acting on it now to prevent it from
further harming your personal finances. There are debt relief options that will
help you with your financial struggles. Not only that, the government have put
into place various programs and laws that will help military families deal with
their respective debts. Here are 4 of them that can help you out.
• Servicemembers Civil Relief Act. Also referred to as the SCRA, it aims to
help families deal with military debt. This is mostly in effect for those who
are on active duty. The provisions include an extension for lease contracts,
cancellation or termination of any auto rentals and limits the interest that
will be collected from them.
• Joint Federal Travel Regulations. This is intended for military personnel
whose landlords are about to face foreclosure. They are provided with cash
allowances that will help with their military travels and transfers
associated with the foreclosure of their landlord.
• Military Lending Act. The next program is initiated by the Department of
Defense to limit the interest and fees that are being imposed on military
servicemen. These are imposed on payday loans, tax refund anticipation
loans and vehicle title loans. The regulation limits its at 36% only.
• Homeowner’s Assistance Program. This is to help military families who
are having problems with their homes. This will provide them with
financial aid in case they have to sell their homes at a loss - or even if they
are unable to sell it. This is extended to both active and former members of
the military to aid them in any military debt that is related to their home.
Not only that, civilian employees of the Department of Defense, and the
surviving spouses are covered by this.
You can say that these are among the perks of being part of a military family. But
still, you should know that it still boils down to financial management. Make sure
that you understand how to manage your money well so you can avoid the
unnecessary burden of military debt.

6. Helpful Financial Information from National Debt Relief …
Does this sound familiar?
• You are tired of worrying about money…
• You are losing sleep due to mounting credit card
debt…
• You are fighting with your partner about the
bills…
• You are living paycheck to paycheck…
• You are falling behind on your debts…
• You are losing hope…
•
It’s time to talk with National Debt Relief!
Call Toll Free 1-888-703-4948 Now!
Or Go To http://NationalDebtRelief.com