Survey: Military Families Carry More Debt, Have Fewer Assets Than Civilians
Many members of the U.S. armed forces pay a
financial price for their service to the country, often carrying higher
credit card debt and owning fewer assets than civilians, a new survey
shows.
The survey done for the National Foundation for
Credit Counseling (NFCC) found that veterans and active duty personnel
and their families often face unique circumstances, such as frequent
relocation and deployment, which can put a significant strain on their
finances.
"This is a serious problem," said Susan Keating,
NFCC president and CEO. "The issue of financial stability for those who
serve our country is a real concern."
The NFCC survey looked at people who took part in the foundation's Sharpen Your Financial Focus
program to deal with debt. They found that when compared to all the
participants in the program, the average military family had:
- 7 percent higher unsecured debt balances, or $400-$500 more than the average.
- 16 percent fewer tangible asset ($11,000 less).
- 15 percent higher monthly debt-related expenses ($200 more).
"I think this higher-than-average burden of debt
leads to some significant financial constraints on these military
households," said Stephen Roll, an Ohio State University researcher who
analyzed the data for the NFCC.
And with the continued reduction in forces, the situation may get worse, as more service members try to find civilian jobs.
Full article available here: Military Families in Debt
Source: NBC News
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