Credit and Debt Repayment “Need to Knows” for Military Families

FCS3393/FY1535, 1/2024

Authors

DOI:

https://doi.org/10.32473/edis-fy1535-2024

Keywords:

military families, Servicemembers Civil Relief Act, Military Lending Act, consumer credit, consumer debt

Abstract

This publication is the third in the series on military family readiness. The publication discusses general information about credit and debt repayment, general information about credit reports and scores, military-specific credit-related challenges, military-specific credit-related laws and support services, five credit management tips for military families, and credit education resources. Written by Barbara O’Neill, Martie Gillen, and Kristen Jowers, and published by the UF/IFAS Department of Family, Youth and Community Sciences, January 2024.

Author Biographies

Barbara O'Neill, Rutgers University

distinguished professor and Extension specialist emerita, Ph.D., CFP®, CRPC, AFC®, CFEd, CPFFE, Rutgers Department of Agricultural, Food, and Resource Economics

Martie Gillen, University of Florida

associate professor and specialist, family and consumer economics for older adults, UF/IFAS Department of Family, Youth and Community Sciences, Gainesville, FL

Kristen Jowers, University of Florida

social media specialist and program coordinator for OneOp, UF/IFAS Department of Family, Youth and Community Sciences, Gainesville, FL

References

Consumer Financial Protection Bureau. (2020). Debt and Delinquency after Military Service. https://files.consumerfinance.gov/f/documents/cfpb_debt-and-delinquency-after-military-service_report_2020-11.pdf

Consumer Financial Protection Bureau. (n.d.). Servicemembers Civil Relief Act and Military Lending Act Provisions. https://files.consumerfinance.gov/f/documents/cfpb_ymyg-servicemembers-handout_scra-and-mla-protections.pdf

DoD Office of Financial Readiness. (n.d.). Amortizing Loan Calculator. https://finred.usalearning.gov/ToolsAndAddRes/Calculators/Loan/calculator/Amortizing-Loan

Military.com. (2012). More military families struggle with debt. https://www.military.com/money/personal-finance/more-military-families-struggle-with-debt.html

Military OneSource. (n.d.). Active-Duty Alert. https://www.militaryonesource.mil/resources/gov/active-duty-alert/

Utah State University. (n.d.). PowerPay. https://extension.usu.edu/powerpay/

Assorted financial paperwork pertaining to debts and expenses on a table. UF/IFAS Photo by Thomas Wright. UF/IFAS File Photo.

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Published

2024-01-31

How to Cite

O'Neill, Barbara, Martie Gillen, and Kristen Jowers. 2024. “Credit and Debt Repayment ‘Need to Knows’ for Military Families: FCS3393 FY1535, 1 2024”. EDIS 2024 (1). Gainesville, FL. https://doi.org/10.32473/edis-fy1535-2024.

Issue

Vol. 2024 No. 1

Section

Department of Family, Youth and Community Sciences

Categories

License

Copyright (c) 2024 UF/IFAS

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Unless otherwise specified, articles published in the EDIS journal after January 1, 2024 are licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International (CC BY-NC-ND 4.0) license.