Help for Military Wives in Financial Trouble
Military wives and their spouses, particularly among enlisted personnel and junior noncommissioned officers, are more likely than civilians to make only minimum credit card payments, pay higher fees and take out cash advances on their credit cards, according to "The Washington Post." Over one-third of military respondents in an online poll admitted to having trouble keeping up with monthly bills.
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USA Cares
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The USA Cares nonprofit organization helps military families facing financial troubles, especially while the service member is deployed overseas. Services provided by the organization include financial assistance for vehicle repairs, food and housing and advice about agencies the military wife can access in seeking assistance, according to Farrah Overman, a group volunteer.
The primary goal of USA Cares is to help provide information to the military wife, but the group has also provided financial assistance for wives who needed help when their husbands were injured or diagnosed with illness while deployed.
The organization has helped military wives negotiate lowered payments to bill collectors or landlords. "We either help them or help them find a way to help themselves," Overman told Military.com.
Department of Defense and Pentagon
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Because of the level and pace of deployments overseas, military families can be pushed beyond their financial limits, according to "Daily Finance.'' Repeated and lengthy tours to Afghanistan or Iraq have led to an unemployment rate that is higher than the national average. This number has quadrupled among members of the National Guard and Reserves since 2007, reports "Daily Finance."
Because military wives are dealing with increased financial stresses, the Department of Defense and the Pentagon have instituted financial literacy programs aimed at service men and women. In addition, these agencies have begun offering service members and their families a savings account with an annual interest rate of 10 percent.
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Military Saves and the Better Business Bureau
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Military Saves, a program operated by the Consumer Federation of America, encourages military wives and their service-member husbands to reduce the debt they carry and begin saving more money.
The Better Business Bureau has also reached out, developing a website aimed at helping members of the armed forces and their families, according to "Daily Finance."
Military Financial Management Programs
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The Armed Forces has developed personal financial management programs to help educate military personnel and their wives, providing both groups with counseling to repair or avoid money issues and improving their financial literacy, according to Tampa Bay Online.
Some military wives and their service-member husbands don't take advantage of the benefits these programs offer because they are afraid participation will get back to the husband's commanding officer and have a potentially negative effect on their careers.
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