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Veteran Debt

Every person who chooses to serve our country deserves the highest levels of respect for the sacrifice made for our freedom, not overwhelming veteran debt. While there are many benefits that come from serving in the armed forces, too many Veterans face debt challenges after they are finished with their years of service.

Members of the military carry enough responsibility as they are serving our country. The last thing they need to worry about is veteran debt due to complications from when they served. Unfortunately, many Veterans carry heavy financial difficulties and need to find the right options for debt relief.

By filling out the Servicemember’s Civil Relief Act form, you’ll be offered a range of benefits and protections to protect those serving in active duty, including a Servicemember Civil Relief Act credit card. But debt and other financial challenges can still be encountered during active duty and after they’ve returned home.

Factors that Contribute to Veteran Debt

Why is veteran debt such a challenge for those who have faithfully served our country? Veterans encounter unavoidable factors that are different than that of their civilian peers. If you are a Veteran, then you can probably relate to some of the common difficulties faced after leaving the armed forces:

Veterans Return with No Job in Place

After having a consistent income and support while in the military, it can be a challenge for Veterans to transition to working as a civilian. In most cases, Veterans don’t have a job lined up when their service comes to an end. It is common to have a gap in employment, which makes it hard to pay the bills since income is no longer coming in. Even if a Veteran is well-qualified to work another job, it takes time to find the right opportunities. Unfortunately, this time without income can result in debt that adds up to pay for living expenses such as rent, food, and utilities.

Moving Expenses as a Veteran

Finding a new job is just the first of many details that Veterans face. Often, the family was living on-location for the most recent military assignment. Even though the armed forces often offer benefits for relocating, there are times when moving costs can add up. If the cash isn’t available to pay for these expenses upfront, then loans for veterans to pay bills may be the only option. Unfortunately this could make veteran debt more unmanageable.

New Living Costs Build Debt

The military provides quality support to soldiers and their families. When the service comes to an end, it is common for Veterans to face new living costs. Certain benefits might go away, such as insurance coverage or provided housing. The cost of food can also go up when the Veterans don’t live near a commissary where they can access affordable groceries. These higher living costs might seem minimal, but everything adds up – especially when Veterans are living on a limited income.

Dealing with Disabilities as a Veteran

Serving in the military has risks, and some soldiers come home with disabilities that will have an effect for the rest of their lives. It doesn’t matter if Veterans are dealing with physical or mental disabilities; these problems can take a toll on the person’s ability to work. Physical challenges limit certain activities so the Veteran is unable to manage some job requirements. At the same time, mental disabilities such as PTSD can make it difficult to cope in stressful situations. Employers are often willing to work with Veterans with accommodations if needed, but these disabilities can impact the person’s earning capabilities. Limited earnings over the years can quickly increase veteran debt, making it a challenge to keep up with the cost of living.

Veterans with a Lower Ability to Work

When a Veteran can overcome disabilities or other limiting factors, they still might not have the capability to work to the extent desired. For example, some veteran debt is acquired due to the inability to deal with the constraints of full time work and only being able to manage part-time employment.

Relying on a Fixed Income as a Veteran

When the person moves from military service to retirement directly, they have a fixed income to cover all living expenses. The problem is that this income isn’t always enough for Veterans to pay for their desired lifestyle. Unless Veterans are willing to take on a supplemental job, their fixed retirement income might not be sufficient to pay for the necessary expenses.

Building Debt When a Spouse is Unemployment

Frequent relocation for military assignments can make it challenging for a Veteran’s spouse to hold a consistent job. Unemployment for military spouses is high, especially when the assignments are abroad. As a result, military families often live on one income since the spouse has limited income options to help with the financial support of the family, which can easily create veteran debt.

Debt Payment Options for Veterans

There’s no question that veteran debt is due to unique financial difficulties from deployment, frequent relocation, disability, and other limiting factors that can affect a person’s income. If you are a service member from any of the US Military branches who needs assistance with debt repayment, then it is time to explore the debt payoff options that are available and see what the best debt consolidation for veterans is. You don’t need to face the burden of debt without support from a team that understands your unique needs.

One option to consider for a debt reduction plan is to consolidate the debts into one simple payment. Often, Veterans are carrying multiple lines of credit, such as credit cards with high-interest rates. These charges can be managed more effectively by negotiating the amount owed and rolling everything into a lower-interest debt consolidation loan.

There are distinct advantages available for service members and Veterans, which is why you should discuss your military standing with the financial company assisting with your debt repayment. For example, you might qualify for lower debt-to-income requirements or longer repayment terms, depending on your circumstances. If you are looking for financing options when buying a home, then veterans financial assistance loans can be a great way to access good mortgage terms.

Every situation is unique, which is why a veteran drowning in debt should consider all debt repayment options to evaluate the advantages and disadvantages of each. If you are burdened by veteran debt and need financial assistance, then it is worth a conversation to see what other debt relief programs you qualify for.

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"I was with another company and I wasn't happy with their serv..."

** Audited by: Dianne Ernsting ** Easy National Debt Relief Caller: April Transcribed WE 2/28/2021 April: My calls may be recorded as well. How did you first hear about National Debt Relief? CHARLES: Let’s see. I was with another company and I wasn't happy with their service, so I started searching for another one. And National Debt Relief came up. And when I called and talked to them, I was so impressed by their customer service. I was like, “Wow! I have to try this company.” April: So now, whenever you first signed up with National Debt Relief, could they work with you in terms of consolidating your debt as you needed? CHARLES: Oh, yeah. Yeah. April: Well, how far are you at this point? Are you most of the way through, halfway, or just started? CHARLES: About halfway, I would say. April: That’s better than where you started. CHARLES: Absolutely. Absolutely. April: Well, so how would you describe the experience you had with the representatives who helped you through the process? CHARLES: Oh, my gosh. He was absolutely the best. In the past, when I was able to work, I gave superior excellence as far as customer service was concerned. And the gentleman that helped me, he was another me. He did everything and anything possible to answer all my questions and make sure that I felt comfortable. And actually, in talking to him, I felt like I knew him for the longest time. And he added a little bit of his own personal statement into our initial conversation, which helped make me feel more comfortable with him and like he really cared. And in the end, I feel that he really did. April: So they helped you feel very comfortable and confident in going with the procedure. CHARLES: Oh. yeah. April: And since you've started, you’ve made such progress that it's hard to stop. I imagine. That's great. CHARLES: Yes. April: With your overall experience then, where would you rate National Debt Relief with a scale of one to five if five stars says that you’d recommend this to your friends and one star is you’re very dissatisfied? CHARLES: A 5. April: Since you started using National Debt Relief, how would you say it’s impacted your life, if any? CHARLES: Well, with the exception of COVID going on, I would say that it's made me a lot more relaxed and I'm not as stressed out as I was. And I am glad that I'm able to pay the debtors something at least. April: If you ever had a time where you couldn't pay well, were they able to work with you in terms of payment if you ever needed the help? CHARLES: Yes. April: So what were your thoughts about the cost of the service in relation to the quality of which you received service? CHARLES: Oh, there's many times I think they should be getting more than what they're getting for the type of service and the confidence that they instill in you. Everything that they said they were going to do in the beginning, they are doing, they have been doing, they're continuing to do. And I don't know if you know this or not, but I lost my vision recently. But I called National Debt and I let them know what was going on with my health, what my health conditions are. And then when I started losing my sight, I called them to tell them, “I think I'm losing my sight. I think I'm going blind. How am I going to continue on?” And they said not to worry. “We've got you taken care of.” They told me how bad they felt that I lost my vision and that they were going to do everything possible to take care of me in a different format than they would take care of a regular sighted person. April: In what ways were they able to implement a customized service for you at that point? CHARLES: Oh, my gosh. They still do everything that they did as if I were sighted, except they call me. I've given them another number that they could send a text to if I had to call them back right away, if it was an emergency. But for the most part, they just call me and tell me what they need to do or what needs to be done, or, “This is an update,” or, “This is what we suggest you do,” and so on. So I still feel very confident in their abilities and everything. April: So basically, instead of relying on you to see an email for updates on what's going on, they will call you to give you a verbal of what's going on? CHARLES: Yes, ma'am. Yeah. April: That's wonderful. CHARLES: Yeah. It is wonderful. And I don't know many companies today that are willing to do that. "You’ve all gone over above and beyond the call of duty," I tell them every time. April: And that really tells me that they have compassion over there, too. So that's good. CHARLES: Yes. April: I would love to use the experience you had and share that to the world, where if it's okay with you, we would publish that on our webpage here. So it'd be on a public webpage. But the goal is to help other consumers who may be in the same boat to help themselves, of course, to make some better choices. And would that be okay with you? CHARLES: Sure. Absolutely. April: And just so you know, I won't use your last name. It will just be the first name. CHARLES: Sure. April: Is that a link you want to receive? CHARLES: No, I'm fine.

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