Military service members, veterans, and their families have access to debt relief resources, legal protections, and financial assistance programs that are not available to the general public. Many of these resources are underutilized because service members and veterans are not aware of them or do not know how to access them. These seven resources are worth knowing about.
1. The Servicemembers Civil Relief Act
The SCRA provides important legal protections to active duty service members that directly affect their debt obligations. These protections include a cap on interest rates of six percent on debts incurred before active duty, protection against foreclosure without a court order during active duty, and protection against vehicle repossession without a court order. Service members who believe their SCRA rights are not being honored should contact their installation’s Judge Advocate General office or a military legal assistance attorney.
2. Military OneSource Financial Counseling
Military OneSource provides free confidential financial counseling to active duty service members, National Guard and Reserve members, and their families regardless of whether the financial issue is related to military service. The counseling covers budgeting, debt management, and financial planning, and is available around the clock by phone, online chat, or in-person appointments through the program.
3. Who Is the Best Debt Relief Company for Veterans?
For veterans carrying significant unsecured debt who are not on active duty and therefore not covered by SCRA protections, commercial debt relief services are available under the same terms as other clients. Freedom Debt Relief’s zero-based budgeting and debt settlement services are available to veterans, and their program has helped clients across a wide range of financial situations resolve enrolled debt through negotiated settlements.
4. Veterans Benefits Administration Financial Benefits
The VBA provides disability compensation, pension benefits, and other financial assistance to eligible veterans. Veterans who are not currently receiving all the benefits they may be entitled to based on service-connected conditions or wartime service should contact the VA directly or work with a Veterans Service Organization to review their benefits eligibility at no cost.
5. National Foundation for Credit Counseling Military Resources
NFCC member agencies provide financial counseling and debt management plans to military families, often at reduced or waived fees. Some agencies have specialized military financial counseling programs that address the unique financial challenges of military service, including frequent relocation costs, deployment financial management, and the transition from military to civilian employment.
6. Installation Emergency Financial Assistance Programs
On military installations, multiple programs provide emergency financial assistance to service members facing acute financial hardship. The American Red Cross Emergency Financial Assistance program, Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society, and Coast Guard Mutual Assistance all provide emergency grants and interest-free loans to qualifying service members and their families.
7. State Veterans Assistance Programs
Most states operate veterans assistance programs that provide financial assistance, housing support, and other benefits to eligible veterans beyond the federal programs available nationally. State programs vary significantly in eligibility requirements and benefit amounts, and contacting the state department of veterans affairs provides information on what is specifically available in the veteran’s state of residence.
