Everyone experiences a cash crunch now and then. The Department of Defense wants to assist Servicemembers in times of crisis. The DoD is helping to urge Servicemembers to have some sort of a crisis plan in effect. Emergency savings should be put into place; most emergencies would be taken care of with simply having five hundred dollars set aside. The DoD featured this theme in their February and March 2007 newsletter. It is a central message of their “Military Saves†program.
It is wise to avoid predatory lending, so in this vein the DoD encourages no interest loans, and grants to Servicemembers in financial need. The DoD has joined with the FDIC to support the efforts of credit unions to actively create different types of small loans that Servicemembers can use for short-term financial situations. There are banks or federal credit unions in over fifty-one different installations worldwide that are working to try and offer this type of support.
What other types of cash alternatives do Servicemembers and families have? Especially if they need a source of cash swiftly? The DoD prefers that military Servicemembers seek Aid from the different military service agencies if they need help swiftly. They are able to understand the situations that military families encounter and respond more quickly. There are also defense oriented credit and federal credit unions, and military banks that can assist many times the needs for cash. These types of organizations also are watchful for the benefit of the Servicemember, and try to help build and maintain good credit ratings, while helping Servicemembers avoid financial crisis where they can.
Military Aid organizations are some of the best and strongest advocates for helping during financial crisis, and rebuild savings, and re establish savings. One of the main things that Military societies do is take funds that are raised by the military community, through donations and other funding, and put that funding to work in the lives of Servicemembers and their families. Using entirely their own resources, they came up with eighty seven million no cost no interest grants and loans to help Servicemembers in 2005. This funding was for emergency and essential needs such as utilities, food, and rent.
Servicemembers can gain counseling to avoid some of the harsh debt realities of life. There are a multitude of services available, including both Internet oriented counseling and real life in person debt counseling. What is important is to avoid the trap faced by many of the lending institutions that are less than reputable, you want to deal with businesses that do not prey on military families in crisis.
