A salute, and money tips, for our veterans

On this Veterans Day 2008, our thoughts and prayers go out not just to those who previously served, but to all military personnel still in harm's way.

Sometimes, though, a return home poses its own set of financial dangers.

According to a survey from the Defense Manpower Data Center and reported by Military.com, 19 percent of junior enlisted members of the military failed to make minimum credit card payments and 11 percent have bounced checks.

More distressing, the Defense Department says that military members use payday loans three times as often as civilians.

That's not necessary, says the DoD.

Army Emergency Relief has started a new program that soldiers can use in place of private lenders, said Lynn Olavarria, manager of the financial readiness program on Fort Bragg, N.C. 

"Under the Commanders’ Referral Plan, a soldier can receive interest-free loans of up to $1,000 twice per year with a commander’s referral," said Olavarria.

In fact, all four services have relief societies represented at most bases that give interest-free loans and, occasionally, grants.

Estalishing a Financial Future After the Military offers some tips for service men and women on handling finances responsibly. All of us civilians need to check them out, too, since they include basic steps such as budgeting, watching your credit and establishing a savings plan.

A strong military is critical to our country. So are financially able men and women in uniform.

Comments

[payday loan software]

What are your options if you know you are going to need some extra money and want to avoid return check fees? Take out a payday loan. They are fast, easy, and convenient. They will help you save hundreds of dollars in return check fees and late payment fees on utilities.