Borrowing Money & Managing Debt | Personal Finance
Managing debt is a crucial part of financial responsibility. Too much debt can negatively impact your financial health and affect your credit score, making it difficult for you to make purchases in the future. Military OneSource provides smart strategies for recognizing the difference between good debt and bad debt, paying down your bills, reducing your dependency on credit cards and taking control of your personal finances.
Request Emergency Financial Assistance if Impacted by COVID-19
Service members and families who have been affected financially as a result of travel restrictions, closures and other events from the coronavirus can check with their service relief organization to see if emergency help is available
Military Relief Organizations and Emergency Financial Help
If you’re having serious financial problems, your service relief organization may be able to help. Army Emergency Relief, the Navy-Marine Corps Relief Society and the Air Force Aid Society are here to help you weather financial emergencies.
Expanded Credit Protections for Service Members and Their Families
The Military Lending Act protects military families like yours from wrongful loan practices.
How to Reduce Your Dependency on Credit When You’re in the Military
Take control of your finances by reducing your debt.
Managing Your Debt
FINRA Foundation research shows a significant number of military families have large credit card debt, with one in four respondents reporting outstanding balances of more than $10,000. Use these tools to learn more about credit scores, managing credit and ultimately making better financial decisions.
Predatory Lending Warning Signs
Payday lending (sometimes called a "cash advance") is the practice of using a post-dated check or electronic checking account information as collateral for a short-term loan. To qualify, borrowers need only personal identification, a checking account and income from a job or government benefits, like Social Security or disability payments.
5 Tips for Using Credit Cards Overseas
Whether you're stationed out of the country or just traveling, plan to use your card wisely while overseas.
11 Calculators to Help You Scope Out Your Personal Finances
Buying a car or appliance? Applying for a loan? Paying off debt? Saving for college? Take more control of your personal finances. Military OneSource has assembled 11 calculators to show you how to pay off debt and help you better manage life's financial decisions.
How to Pay Down Your Holiday Debt
If you overspent during the holidays this year, it's time to get your finances back on track.