Here's How Military Members Are at a Severe Financial Disadvantage
Those who serve our country deserve to be rewarded for their efforts. Instead, a large percentage of military members wind up financially disadvantaged. That's the takeaway from a National Foundation for Credit Counseling (NFCC) survey, which found that military personnel typically carry higher levels of credit card debt and own fewer assets than civilians.
Why are so many military members in financial distress? For one thing, the lifestyle itself lends to instability, which leaves military personnel more vulnerable. Those who join the military are forced to relocate frequently, and so buying a home often isn't feasible, thus contributing to a lower level of assets. Furthermore, deployment can make keeping up with one's bills challenging to say the least, thus opening the door to greater debt loads. Throw in the fact that many tend to enlist at a young age, at a time when they're unaware of how to manage their finances, and it's no wonder so many military members are struggling.
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Source: Fool.com
