If you or your loved one is a military veteran, you know how tough it can be to get a steady hold on your finances. The stresses of finding a job, managing debt, and everything that comes with transitioning to civilian life can put a strain on the whole family.
This is why Visa Inc., the Association for Financial Counseling and Planning EducationÂ® (AFCPEÂ®), Consumer Action, and the Consumer Federation of America (CFA), have recently partnered to form the Veterans Financial Coalition.
Since the majority of military personnel are more likely than civilians to carry both a mortgage and at least one credit card, they are saddled with large debt loads. ConsumerCredit.com notes that roughly 93% of military personnel have a mortgage and 91% have at least one credit card.
In addition, it can be very difficult for veterans to transition after completing their military service. The AFCPE Â notes that about 60% of veterans reported that transferring their military service to the civilian job market was a big challenge for them.
“The Association for Financial Counseling and Planning Education is thrilled to continue our commitment to the military through this new coalition,” said AFCPE Executive Director, Rebecca Wiggins. “For the past three decades, we have been dedicated to educating, training and certifying financial counselors and educators, including professionals working with service members and their families. We look forward to expanding our efforts through this important partnership.”