Helping Veterans Fight The Battle Of The Budget

Friday, March 1, 2019

stressful enough, but for 62 percent of active-duty service members, veteransand military families, there’s added stress due to their financial situation, according to a 2018 survey by Blue Star Families—buthelp may be available. Many financial benefits exist for Americas heroes, though they're not widely known. Forexample, only onein 10 veterans uses the VA homeloan benefit earned with their service. “Being stuck in pit of debt adds a Jotofstrain and impacts everything you wantto pursueinlife,” says Tatiana Zap- pardino, a former U.S. Marine Corps There are many waysveterans and their families stressed by debt can and build my credit score back up, my getrelief. first lieutenant. “As I pay down my debt stress level has dropped tremendously” Here are some ways those who've yourscore down. Also, work on paying served their country can increase their downoutstandingbalances. Payoff the credit scores and get the financial security they deserve: 1. Be a homeowner:If your rentis $1,500 or more a month, a VA home oneswith the highestinterestratesfirst, then prioritize by the age of the account and payoff the newestonesfirst. Older accounts are better for yourcredit score. loan can help you buy a homefor about ‘Try hard to payeverybill on time—even the same amount.This valuable VA benefit is designed to provide veterans with morefavorable terms andlets you buy a home with no down payment—your service is your down payment.VA lend- onelate paymentcan hurt your score. 3. Consolidate debt: Taking out a newloanto pay off multiple debts lets yourefinance the majority, if notall, of that debt to a lowerinterest rate with a ers can often help veterans achieve the single monthly payment. If you own a dream of home ownership when tra- home,you can use your VA homeloan ditional lenders can’t. For example, NewDay USA’s Operation Home looks beyondyourcredit score and considers your whole financialpicture. 2.Manage your credit score: The higher your score, the lowertheinterest rates you'll be chargedto borrow money. Use free service such as Credit Karma to see your credit report and score online. Review each item in the report and dispute anything that’s not correct. Derogatory marks for collections, judgments and late payments bring benefit to refinance up to 100 percent of the appraised value ofyour house, con- solidate credit card debt and have some cashleft to putin the bank. For example, the average customer lowers payments by more than $600 a month or $7,200 a year. A. Get help: If you're struggling to payyourbills and stay in your home, helpis available. USA Cares, The Amer- ican Legion, Operation First Response and the Coalition to Salute Ameri- cas Heroes provide a rangeoffinancial assistance forveterans.

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