American Debt Counseling Announces Debt Relief for Members of the Military
On Veteran’s Day, November 11, the non-profit credit counseling organization American Debt Counseling, Inc. will begin offering free debt relief for recent veterans, men and women currently serving in the U.S. military, and their spouses. Those new clients who qualify for debt management services will not have to pay any fees to participate in a debt management program.
“Research shows that military families are better than civilians in keeping up with their monthly expenses, planning for retirement and checking their credit reports, and yet many have staggering amounts of debt. They don’t need to be battling creditors while fighting for their country. This is one small way we can thank them for their service,” said Alan Silverberg, founder and CEO of American Debt Counseling.
In October, FINRA Investor Education Foundation released the results of its Military Survey developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy. The survey of current members of the military and their spouses found:
- More than one in four military families reported more than $10,000 in credit card debt.
- 25% of service members who had checking accounts said they had overdrawn their accounts.
- Over half of enlisted personnel and junior non-commissioned officers reported that in some months, they made only the minimum payment on their credit cards.
The Defense Department and the Government Accountability Office have also studied the finical capabilities of the military linking it directly to their readiness for duty. Severe financial issues can result in the loss of security clearances and promotion opportunities, sanctions or even a discharge.
The ADC Veteran’s Day offer of free debt management services is available only to new clients who are recent veterans or who currently serve in the U.S. military, and their spouses. To find out more, call 1-888-DEBT-USA.
