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Active Duty Debt assistance
Last Post 14 Dec 2017 09:30 PM by Abcmy3kids@gmail.com. 8 Replies.
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Abcmy3kids@gmail.comUser is Offline
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Abcmy3kids@gmail.com

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09 Dec 2017 08:49 PM
    We are looking for assistance with credit card debt. With all moving and family expenses our debt went from nothing to too much to handle in just two years. We pay on it regularly but cant catch up. Is there any debt relief, assistance or programsto help Active duty members? Thank you
    BellsUser is Offline
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    10 Dec 2017 02:10 PM
    There aren't any specific relief programs...

    There a mutual assistance loans but that does not really do much except in emergencies.

    The best thing I could think of, is that American Express offers free annual fees, and the lowest rate for SCRA: Servicemembers Civil Relief Act . SO most credit card companies only offer the SCRA rate for debt occurred before entering active duty. But American Express does it for all debt.

    So if you apply for a AMEX card that is offering balance transfers, I would transfer ALL of your credit card debt to that card, and then pay at the lower APR rate . This is only worth it if the savings in interest that you would be saving is more than how much the percentage is for what they will charge to do the balance transfer. Usually it is a yes.

    Another option would be to have a debt collection agency buy all of your debt, and then you pay them instead of the banks. It would be for a lesser amount than what you originally owed but the APR is usually really high, around 20%.

    If you want to go into specific detail with of what you owe and guidance PM me. Generally you guys just need to go into as cheap of housing as your can (while being safe), and pay down that principle as fast as you can with any remaining money you can squeeze from your paycheck.

    If you guys have a problem with spending, cut up all of your credit cards, use one for just gas or something so that you have some revolving credit still (pay it off every month), and the money you have in your bank is the money you get. Never spend outside of your means.

    Do you have expensive cars? try and sell them (unless you are upside down on the loan, then it is not worth, and don't trade them in, actually sell them), and get a reliable used car with a lesser payment. Sell whatever you guys dont use on Ebay or craigslist. Use that money to pay off your bills. Its alot of work but its not impossible, especially with kids stuff, kids stuff is so in and out.

    Get a second job like Uber. Make your own hours and put that money directly to bills.

    If you get underway you can put your car in storage and have a lower insurance bill payment if you get underway more than 30 days at a time.

    Go Vegetarian, pescatarian or Vegan... cutting out meat and dairy of your diet saves money and increases health... proven in any study in the last 5 years.

    Shop at bargain grocery stores and dollar stores. Aldi, Sams Club, Grocery Market, stores like that sell food (its not old or anything) for way cheaper than regular stores. Dollar stores sell dry foods and hygiene products for 25% of what most stuff is in the regular stores.

    USE COUPONS.

    Sell electronics you dont use anymore even if its for like 20 bucks.

    Watch Minimalism, its a documentary on netflix.

    Cancel cable if you have it (i think most people in our generation dont really use cable anymore)

    If you have SCHOOL LOANS there ARE programs for school loan debt
    https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

    One of the guys at our unit enrolled a few months ago, basically his bank is deferring his payments, but he stays in the green, and the program is if you stay in the green they'll forgive your debt after 10-15-20 years or something. Don't remember the details but hes going to not pay thousands of dollars eventually.
    Take what you like and leave the rest behind.
    Abcmy3kids@gmail.comUser is Offline
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    Abcmy3kids@gmail.com

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    10 Dec 2017 08:32 PM
    Thank you. That was a lot of imformation and we appreciate the time and effort to get back to us. We are not over spenders, we live in base housing now, we have no issues with keeping a budget. Biggest issue is We have two kids, I (spouse)have chronic illnesses and have had a hard time finding work in our new area that I can do. Bills, many medical and dental expenses not covered by tricare and travel expenses do to relocation not covered and then the unexpected expenses such as cars breaking down etc. life just happens, not much we could do different in our situation. I will pick apart each suggestion and see if any can help that we dont already do. Thank you very much
    BellsUser is Offline
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    Bells

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    11 Dec 2017 08:03 AM
    Oh my gosh!

    Please watch the documentary What the Health on Netflix or YouTube.

    Also, see if you would like to do any at home businesses, or nanny or babysit. If your spouse is at a station or any unit really people are always looking for childcare
    Take what you like and leave the rest behind.
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    11 Dec 2017 08:04 AM
    Also medical bills should be covered. Fight with your doctor's to get the proper referrals and just need to sit on the phone with tricare all day
    Take what you like and leave the rest behind.
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    11 Dec 2017 09:04 AM
    I could never do in home childcare. I did it once... It lasted less than a week. Taking care of my own child, fine. Taking care of someone else's, misery. If you don't feel good already, taking care of a child that doesn't know you, understand your thoughts or rules, that can only add stress. Depending upon what's wrong, stress could only aggravate a condition. But I do agree, you need to sit on the phone and argue with Tricare.
    Sector NY, Staten Island
    Abcmy3kids@gmail.comUser is Offline
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    11 Dec 2017 09:26 AM
    Thank you everyone. Unfortunatly, child care is not an option due to immune system issues I was actually a teacher until the spring but was sick all the time.. I refuse to file for disability, a remote job is my best option but hard to find. I just need to figure-out how to the debt down that we have fast because we waste so much money on the interest due to the high balance. Fortunately, we still have excellent credit. Just needed to know if there are programs out there to help anyone but specifically military.
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    11 Dec 2017 10:35 AM
    Why not file for disability? That will help so much. You are entitled to it. You have an immune issue. You are not able to do your profession. It can help. Don't think you are taking something for nothing. Weigh out the options, consider what you could gain.
    Sector NY, Staten Island
    Abcmy3kids@gmail.comUser is Offline
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    14 Dec 2017 09:30 PM
    I thought about partial disability. Thing is i can still work most days. Most of the time I am an eager hardworking woman then there are those days where i can barely move, cant drive or do much.so its A struggle accepting i cant work for a living to support my family, when I really can, most of the time. I just cant teach and be arouns a lot of kids, but i have other degrees and skill sets. Just wish i had a finance degree!
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