Protecting Your Finances -- Info from the CFPB

Servicemembers, veterans, and their families …

Are an attractive target for both good and bad lenders:

• Many lenders know the UCMJ requires you to maintain good finances.
• You are easy to find, so lenders are confident they can collect debts you owe.
• Your military pay represents a steady income that could be garnished.
• Military families often start young, leading to big money management decisions by first-time decision makers.

Face unique risks:

• Deployments, change of duty stations, and emergencies lead to unplanned and unique financial difficulties without adequate resources to resolve them.
• Your loyalty to your service leads marketers to tie their pitches to the military, a strategy called “affinity marketing.”
• Frequent relocation can mean unforeseen expenses and a lack of familiarity with the local environment.