My friend Michelle Singletary of the Washington Post had a great column recently talking about the amount of debt military service members are carrying. It’s a topic worthy of discussion and awareness.
The article points out that:
- Military personnel and spouses are generally heavier users of credit cards than civilians, the survey found, and they are more heavily indebted to credit card issuers.
- More than one-third of the military respondents said they had trouble keeping up with monthly expenses and bills. Many service members have gotten payday or auto title loans. Members of the military use payday loans three times as often as civilians, a separate Defense Department study found.
- The Department of Defense created a financial readiness campaign because of the number of military personnel who were in debt and because so many were losing their security clearances.
You can read the full article here.Military Members Drowning in Debt by Steve Rhode