Showing Financial Respect for Veterans' Service
There is growing awareness that our citizens in the military face a host of issues whether on active duty or adjusting to civilian life. Those issues can range from medical to employment to family reintegration to money management. LSS Financial Counseling stands ready to serve them and their families when they tackle financial challenges that can arise.
Free, Trusted Support with Tools and Solutions
Veterans often wonder who to trust, and they appreciate nonprofit, local resources to support them. LSS Financial Counseling’s free services support people in creating action plans and developing the confidence and skills to manage debt and other household finances. With this support, military families take positive steps forward in handling credit card payments, creating budgets and repaying student loans.
Becky Pakarinen, Senior Director at LSS Financial Counseling, gave an example of the servicemen and women who have received support in handling their financial lives. “We worked with a veteran who was going through a divorce. One of our experienced counselors worked with him to sort out the debts he’d still be responsible for and make a realistic budget based on just his income,” she said. “Like many we serve, the task had seemed overwhelming for him, and it was a huge relief to have someone non-judgmental be with him to find solutions.”
Military Families Face Unique Circumstances
In addition, the very nature of military deployment creates changes in financial realities and exposure to predatory lending, targeted marketing and consumer fraud.
U.S. Department of Defense studies have shown a concentration of payday lending stores near military bases. While there are some legal protections available under the Military Lending Act, many service members remain unaware of those rights, and they end up in a debt trap of multiple loans. In Minnesota, the average payday loan borrower takes 10 loans each year.
We can do better for our veterans, and LSS Financial Counseling is here to serve them when them are ready. Our knowledgeable, caring counselors are available in person at 10 offices across Minnesota, by phone (1.888.577.2227) or online.