It’s a good thing that no one joins military forces to get rich. Because it turns out, a higher percentage than civilians are in debt.
This has prompted one New Jersey company to get involved.
According to the Financial Industry Regulation Authority’s Investor Education Foundation report, 27% of military families said they had more than $10,000 of credit card debt compared with 16% of civilian adults. The foundation also noted that “navigating the complexities of today’s economy can be challenging”It was clear that there was one problem: frequent deployments and moves. “further complicate”The finances of military families
You can think about it this way: Every move, for example, from Fort Hood in Texas to Fort Bragg in North Carolina means that you will have to decide again whether to buy a house, rent, or stay on base.
GAF, North America’s largest roof manufacturer, is offering $300 rebates to all active and retired military personnel, veterans, or retirees who purchase GAF roofing products throughout 2012. Lifetime Roofing SystemInstall it by one of their factory-certified contractors. In many cases, the contractor will also get $300. The complete details are available at www.gaf.com/militaryOder www.military.com/discounts?.
“We’re honored to be able to give back to the brave men and women who’ve risked their lives to keep our country safe,”Paul Bromfield, senior vice president at the company, said it.
What else can military families do to make their finances worse?
* More than one-third of respondents reported having trouble covering monthly expenses and bills.
* About 10 percent of mortgage borrowers admitted having been late on a payment at least once in the two years prior to the survey, and 3 percent said they’d been involved in a foreclosure process over that same period.
* Household expenses exceeded the income of one in seven respondents.
* Only 39 percent of enlisted personnel and junior non-commissioned officers said they’d set aside enough emergency cash to sustain them for three months, with the number higher for senior NCOs (46 percent) and officers (67 percent).
Are you still angry? Well, Congress took steps to limit the interest rate that was so-called “enraged” “predatory lenders”Active-duty personnel and their families can be charged for things such as payday loans. However, 36 percent is not low. This is something that enlisted personnel or junior NCOs often turn to more than civilians.