Consumer Credit Counseling Service of Orange County Addresses Financial Challenges Faced by Military
Summary
Santa Ana, CA, July 16, 2015 --( “Those who serve our country as members of the armed forces are faced with unique circumstances that can influence the financial choices they make,” said Natalie Lohrenz, Chief Development Officer with CCCS-OC.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.Although this protection can cap annual interest rates at 6 percent during deployment, it only applies to debt incurred before beginning active duty and requires a written request for relief to the lender.Responsible debt management that prevents further balance increases is an important consideration for deployed service members and their families on the home front.Transition to Civilian Life - Employers are encouraged to hire military veterans for a number of good reasons.Changes in salary and housing expenses can pose their own challenges that may require some reliable advice from objective sources.The NFCC stands ready to serve active duty members of the military, veterans, and their families as they face these unique crossroads in their lives.