PITTSBURGH — A staggering 85 percent of active military members and veterans in the U.S. are grappling with credit card debt, significantly higher than the national average of 46 percent.
This financial burden can severely impact their credit scores, making it difficult for them to secure housing or make large purchases, such as buying a home.
“Well, for a lot of veterans getting out of the military, there is quite a cultural shift,” said Clint Nahod of the non-profit group Soldier On, which assists veterans in stabilizing their housing.
Yanina Herold, a veteran living in Beaver Falls, faced financial challenges after her husband, also a veteran, was diagnosed with Parkinson’s disease. She became his full-time caregiver until his passing several years ago, which left her without much income.
Herold’s credit score was in the low 500s when she began working with a financial coach at Soldier On, who referred her to the non-profit credit counseling service, Money Management International. Through their guidance, she managed to reduce her credit card rates, making her debt more manageable.
Nahod, who has worked with over 500 veterans in the area, noted the significant reduction in stress that comes with gaining financial stability. Herold has improved her credit score by 100 points and is now saving for a VA loan to purchase a home.
More information about Soldier On and resources available to veterans is available at https://www.wesoldieron.org
For credit counseling information: https://www.moneymanagement.org/
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