In honor of Veterans Day and Military Family Appreciation Month, the National Foundation for Credit Counseling has announced new programs to assist veterans and active military members with financial management.
The organization has decided to make these programs available in light of recent results from an NFCC survey of military financial literacy. The survey found that service members are almost twice as likely to carry a credit card balance from month to month (58%) than the general population (34%). Furthermore, in comparison to the general population, twice as many service members (6% versus 3%) have paid less than the minimum on their credit card balances within the last 12 months.
The NFCC has partnered with several military-focused organizations in an effort to help service members manage their money more effectively. Financial education workshops and one-on-one counseling will be provided by Coast Guard Mutual Assistance and Military OneSource respectively.
Banking assistance will also be provided to military members through NFCC’s financial education initiative, Sharpen Your Financial Focus. The program is designed to address military service members’ financial needs at each stage of their career.
For more information about this initiative, visit the National Foundation for Credit Counseling website.