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Military Personnel Finances

Founded in 1951, the National Foundation for Credit Counseling is the largest serving nonprofit financial counseling organization. Find various topics in this blog, including personal finance, credit counseling, housing, budgeting and student loan help. Click here to speak with an NFCC-certified Consumer Credit Counselor.

How Military Service Members and their Spouses can Access Debt Relief

There are many protections for military service members and their spouses, chiefly under the SCRA (Servicemembers’ Civil Relief Act), but it’s important that the military personnel who need these benefits take the proper steps to guarantee their rights are protected. In particular, service members gain special protections while on active duty. They (or their spouses) can’t be evicted, foreclosed upon, or otherwise forced to sell their home. Debt interest rates …Read More

Simple Steps to Save Successfully During Military Saves Week 2017

By Tammy G. Bruzon, Military Saves Military Saves Week (February 27 – March 4, 2017) is an annual opportunity for individuals to assess their savings and take financial action. Each year, we encourage servicemembers and military families just like yours to set a goal, make a plan, and save automatically. This Military Saves Week, try these five simple steps to help yourself save automatically – and successfully: Assess Your Savings …Read More

Unique Financial Challenges of Military Spouses and Families

Financial Challenges A survey done for the National Foundation for Credit Counseling found that military families and veterans face several unique financial challenges. In 2015, the average military family had seven percent higher unsecured debt balances, about $11,000 less in tangible assets, and fifteen percent higher monthly debt-related expenses. People who are struggling to make ends meet often feel pressured to make quick financial decisions without taking time to consider …Read More

Financial Education Workshops for Military Exceed Anticipated Demand

By Bruce McClary In January 2016 the National Foundation for Credit Counseling (NFCC) partnered with the American Library Association (ALA) to serve active members of the military, veterans and their families. NFCC member agencies are working with local libraries to offer financial education workshops that use the Wells Fargo Hands on Banking® for Military (HOBM) curriculum, access to personalized counseling, and other resources that help families reach their financial goals …Read More

Libraries and NFCC members work together to help those who serve our country

By Bruce McClary Members of the U.S. armed forces, Coast Guard, veterans, and their families face financial challenges often not adequately addressed by resources designed for the general public. Recent preliminary data from the Sharpen Your Financial Focus® (Sharpen) program reveals military families face unique challenges. For example, military Sharpen participants had higher unsecured debt balances ($400-$500 more) than the average Sharpen participant. Fewer tangible assets and higher debt-related expenses …Read More

Military Home Purchases
and Financial Factors to Consider

By Carla Blair There is always a great debate among active duty service members who live off base regarding whether they should rent or buy a home near their current duty station. This discussion rages from the fact that military members are often burdened with frequent moves or calls for deployment – leaving their homes and family while overseas. The decision to rent or buy stems from many factors including …Read More