Military Families Struggle with Mounting Debts - DailyFinance

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Brain -> Military Families Struggle with Mounting Debts - DailyFinance (5/31/2010 10:08:39 PM)
This isn’t fair; they’ve suffered enough. Military Families Struggle with Mounting Debts - DailyFinance Rachel Jackson, whose husband Gregory is a Petty Officer Second Class stationed in Guantanamo Bay, has $12,000 in credit card debt, a problem made worse by eight moves in 10 years and the Navy's slow reimbursement for expenses.To help cover costs, the 29-year-old tapped high-interest payday loans and leaned heavily on her credit cards before the debt mushroomed. http://www.dailyfinance.com/story/military-families-struggle-with-mounting-debts/19492409/

LaTigresse -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:05:27 AM)
On the flip side.........just because a person is in the military does not make them smart, or smart with money. I know people that benefited financially from military service and I know people that didn't. Those that didn't, usually only had themselves or their SO to blame.

pahunkboy -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:11:00 AM)
LAT, The interest rates - maybe should be lowered?

Termyn8or -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:34:29 AM)
FR This is ridiculous. First of all forget everything about the false flags that sent them to war in the first place. The fact is the banks and the government are in on it together so to speak and therefore all who serve active duty, who put their ass on the line should be exempt from interest and penalties for the duration of their imposed peril. You mean we need that oil and money so bad that we send these young Men over there to get their arms and legs shot off and all this, give them shit medical care in many cases and now when they----- IF they get home they will find that they have lost their stuff , possibly their house ? Not in my fucking country, which of course leads to the question, just where is my country ? T

LaTigresse -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:47:03 AM)
quote: ORIGINAL: pahunkboy LAT, The interest rates - maybe should be lowered? To what, zero??? Obviously if this person used the methods to borrow money described they had horrible credit already. If I needed $12,000.00 I would go to the bank and borrow it. I sure as hell wouldn't use credit cards and payday loans. And if I had that kind of debt in those types of things, I would again........go to the bank and get a consolidation loan at a much lower rate of interest. Apparently this person can't and there is probably a very good reason for that.

pahunkboy -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:51:02 AM)
quote: ORIGINAL: LaTigresse quote: ORIGINAL: pahunkboy LAT, The interest rates - maybe should be lowered? To what, zero??? Obviously if this person used the methods to borrow money described they had horrible credit already. If I needed $12,000.00 I would go to the bank and borrow it. I sure as hell wouldn't use credit cards and payday loans. And if I had that kind of debt in those types of things, I would again........go to the bank and get a consolidation loan at a much lower rate of interest. Apparently this person can't and there is probably a very good reason for that. I note how the savings is and is not passed along. ie 29%.

LaTigresse -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 7:56:14 AM)
What savings are you talking about? I am talking about people using their brain and not spending money they don't have. Managing money, saving money, not spending on stupid shit when there are bills to pay. I know, it seems to be a foreign concept to many people.

LadyPact -> RE: Military Families Struggle with Mounting Debts - DailyFinance (6/1/2010 10:15:10 AM)
This is a great example of why it is good to read the entire piece presented, rather than just gasp at the introductory paragraph. The article specifically mentions that the woman admits to living beyond her means, even buying her eight year old a cell phone. (No eight year old child needs a cell phone in My opinion. My kids will tell you they never owned one until they were responsible enough to have one.) What the article fails to mention is that laws have been passed to prevent payday loan organizations from loaning to members of the military for this exact reason. This was passed just a couple of years back and even goes so far as to how it applies to a federal tax return. (For anyone who doesn't know, rapid refund is actually considered a "loan" issued by a bank against the money you are owed by the Federal Government which is your return.) H&R Block (that's who I use) can no longer offer overnight refunds to military families because of this exact stipulation. The article also fails to mention why there were six moves in ten years. Nobody moves that often due to change of duty station within the country. More likely what happened is, when hubby got deployed, wifey decided that she needed to move back to the area where her family is until hubby got reassigned to the States. I'm willing to lay My money on why that isn't mentioned. Because some of the moves were directly related to her personal choice and not due to necessity. The only way you're going to find any military family moving that often is by situations where the family staying in the States moves 'home' when the military family is deployed and then moves again to join them at their next duty station upon their return. These folks plain old made some dumb choices in their finances and now have to deal with their debts. Just because one member of the household is a member of the military doesn't excuse that.

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