I’ve been in the military for almost nine years. Sadly, I’ve been paying unnecessary interest on a credit card for at least three of those. Talk about a waste of money! While I can’t promise a way to eliminate your debt, I can promise a way to limit your interest rate and help with other financial obligations (A Soldiers Tale).E
THE BASICS: The Service Members Civil Relief Act (SCRA) is a program that provides certain protections from civil actions against service members who are called to Active Duty. The SCRA provides a wide range of protections for individuals entering military serve, called to active duty, or those being deployed. It can be beneficial in several areas of finance, not just credit card interest rates. You have the ability to restrict or limit actions against the following; rental agreements, security deposits, evictions, installment contracts, credit card interest rates, mortgages, civil judicial proceedings, income tax payments, and more. If you head over to the SCRA homepage (link below) you can obtain a report certifying Title 10 active duty status for provisions under SCRA. SCRA Homepage
ELIGIBILITY: The SCRA considers your civil obligations and allows you to postpone such obligations in order to focus on your mission and relieve the stress active duty can bring upon yourself, and your family members at home. So I’m sure by now you just want to know if your eligible? The SCRA covers all Active Duty service members, Reservists and the members of the National Guard while on active duty. The protection begins on the date of entering active duty and generally terminates within 30 to 90 days after the date of discharge from active duty. If your still unsure visit the SCRA Homepage link or get the full SCRA in PDF format here.
Thank you for your service.