Consolidating debt for military

Additionally, some debt agencies will waive or reduce fees for debt management programs for members of the military.The Servicemembers Civil Relief Act does a lot to protect your finances as military personnel.When it comes to debt consolidation, this is the factor of the SCRA that could help you the most.Deployment is a stressful time, and there’s not much you can do for your finances when you’re already overseas.This will prevent any charges and protect against identity theft.You can also place an Active Duty Fraud alert on your credit report.Define your consolidation plan before you deploy for the best results.

Service Members who receive Hostile Fire Pay/Imminent Danger Pay (HFP/IDP) can enroll in a Savings Deposit Program.Veterans looking to consolidate their debt have a unique option called a Military Debt Consolidation Loan (MDCL).An MDCL is sometimes referred to as a VA debt consolidation loan.A Savings Deposit Program (SDP) is a special savings account that earns ten percent interest.This is a much higher savings interest rate than you will get opening a regular savings account at any bank or credit union.