Sense & Centsibility Blog
Older man and woman looking over paper smiling and holding coffee cups

Veterans and debt: help is out there

While courageous members of the military are on the front lines facing conflicts around the world, they could be tackling financial battles at home, too. LSS Financial Counseling, a member of the National Foundation for Credit CounselingⓇ (NFCCⓇ), recognizes the unique challenges of active duty members of the military, veterans and their families and stands ready to serve them.

Those who serve our country in the armed forces face unique circumstances that can have a major impact on their financial situation. The circumstances include frequent relocation, deployment, transition to civilian life and employment for military spouses.

Caring, confidential support available at no charge

LSS, in partnership with Minnesota Department of Veteran’s Affairs (MDVA), is there to support military families as they face these unique crossroads. We are proud to provide professional resources to guide military members and their families through financial matters during all stages of military life. All our services are free and confidential, and our counselors are experienced and compassionate.

Military participants surveyed after enrolling in the Sharpen Your Financial FocusTM (Sharpen) program of the NFCC were found to have fewer tangible assets and a higher level of unsecured debt than the average program participant. Unsecured debt balances for members of the military averaged 7.1% higher than the combined average according to Ohio State University data. Tangible assets for military consumers were 16.2% less than the overall program participant average.

This concerning mix of lower accumulation of wealth and higher than average unsecured debt, combined with the ever changing nature of military life, can create a difficult and dangerous financial cycle. We are available to support you to avoid or reverse this cycle. You can reach us by phone at 888.577.2227, connect with us online or visit our website.