On this Veteran’s day we look back and know there are hundreds of thousands military members that are retired and active duty who have placed their lives on the line for our country as well as others. We know of the battles they have fought overseas, but many don’t realize the financial battle many face here in the states. Thankfully today, MSN Money along with “MoneyTrack” is launching a three part webisode to teach those in our military something that many don’t understand: how to watch for scams, learn about borrowing money in a financially healthy way and how to stay debt-free.
Military members and retirees, paid typically on the 1st and 15th of each month, are dealing with increased pricing of products and no pay raises, increasing family sizes and unscrupulous business practices. In military towns such as Killeen, Texas where the Army base Fort Hood is located, simply driving down the main streets show the extent of how this town has turned against the military not because service members are rich, but simply because they have a steady income and tend to have the same cash flow issues month after month. Cash advance shops advertising specifically towards military unable to make it from one payday to the next, pawn shops stating they’ll offer the highest price possible for those in the service and “easy loans here” signs are easy to spot in this town. Offering quick cash with extraordinary high interest rates allow these military members and retirees to feed their families but stay in debt for possibly years to come.
