Military members are accustomed to significant challenges. Combat tours, deployments, and frequent transfers are just a few of the difficulties they face on a frequent basis. Perhaps because of this stress, many military members experience significant struggle when it comes to getting ahead financially.
A recent FINRA study reveals that despite a regular paycheck, military members are struggling with significant debt. 82% of military families carry an average credit card balance of $10,000 – and it gets worse. One in four service members reports overdrawing their checking account in the last year, one in five has used a payday loan or auto title loan in the past five years, and only one in two has an emergency fund.