Protecting Your Finances -- Info from the CFPB

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Servicemembers, veterans, and their families …

Are an attractive target for both good and bad lenders:

  • Many lenders know the UCMJ requires you to maintain good finances.
  • You are easy to find, so lenders are confident they can collect debts you owe.
  • Your military pay represents a steady income that could be garnished.
  • Military families often start young, leading to big money management decisions by first-time decision makers.

Face unique risks:

  • Deployments, change of duty stations, and emergencies lead to unplanned and unique financial difficulties without adequate resources to resolve them.
  • Your loyalty to your service leads marketers to tie their pitches to the military, a strategy called “affinity marketing.”
  • Frequent relocation can mean unforeseen expenses and a lack of familiarity with the local environment.

The Consumer Finance Protection Bureau offers detailed, user-friendly consumer information for miltiary families on how to protect their finances and how to plan for the future.

Go here: :  https://www.consumerfinance.gov/servicemembers/