Active Duty Military to get free credit monitoring

Anonymous · ‎09-16-2019

"The senators noted that the companies have agreed to define “active duty military consumer,” for their purposes in implementing the benefit, as “a consumer who is on full-time duty in military service of the United States, which includes full-time training duty; annual training duty; full-time National Guard duty;” and during attendance, while on active duty, at a service school."

All troops will now get free credit monitoring service

SEAlifer · ‎09-18-2019

This is good because military families have disproportinately high #s of cards and more likely to carry balances and go into debt with them. Quoting from this article:

91% of military families have at least one credit card, compared to only 69% of civilians.
Compared to 26% of civilians,36% have at least four credit cards
- 41% of these have $5,000 or more in credit card debt, compared to only 28% of civilians.
- 27% have $10,000 or more in credit card debt while only 16% of civilians do.
- 10% have $20,000 or more in credit card debt, compared to 7% of civilians.
Of respondents with at least one card in the last 12 months, only 25% of enlisted personnel always paid their credit card in full, compared with 41% of civilians.

Seems like they're being preyed on a lot because they know that they have pretty guaranteed income vs people with civilian jobs but that doesn't stop them from having to file for bankruptcy or what-have-you later down the line. I hope this helps!

AU

Anonymous · ‎09-18-2019

@SEAlifer wrote:
Seems like they're being preyed on a lot because they know that they have pretty guaranteed income vs people with civilian jobs but that doesn't stop them from having to file for bankruptcy or what-have-you later down the line. I hope this helps!

Yes, that's definitely part of it. There's also actual punishment - including up to 6 months jail time - for not paying debts.

As this article states:

"As a military member, you know that you are required to pay your debts. If you didn’t know this, it is spelled out for you in Article 134 of the Uniform Code of Military Justice (UCMJ)...

...And guess what? Every place of business near your base also knows you are required to repay your debts. That is why there are so many businesses willing to extend credit to service members. The businesses know that one way or another, they will receive their money. A quick phone call to a First Sergeant or Commander can get things taken care of very quickly."

SEAlifer · ‎09-18-2019

@Anonymous wrote:
@SEAlifer wrote:
Seems like they're being preyed on a lot because they know that they have pretty guaranteed income vs people with civilian jobs but that doesn't stop them from having to file for bankruptcy or what-have-you later down the line. I hope this helps!
Yes, that's definitely part of it. There's also actual punishment - including up to 6 months jail time - for not paying debts.

As this article states:

"As a military member, you know that you are required to pay your debts. If you didn’t know this, it is spelled out for you in Article 134 of the Uniform Code of Military Justice (UCMJ)...

...And guess what? Every place of business near your base also knows you are required to repay your debts. That is why there are so many businesses willing to extend credit to service members. The businesses know that one way or another, they will receive their money. A quick phone call to a First Sergeant or Commander can get things taken care of very quickly."

Wow! This reminds of my mom who grew up as an army kid. She said that like if you, as the child of a service member, drive drunk on base that that can affect your parent's job. So yeah, totally makes sense that they would extend credit like it's going out of style to those folks. But does what you say affect the spouses and children as well, do you know?

AU

Anonymous · ‎09-18-2019

@SEAlifer wrote:
@Anonymous wrote:
@SEAlifer wrote:
Seems like they're being preyed on a lot because they know that they have pretty guaranteed income vs people with civilian jobs but that doesn't stop them from having to file for bankruptcy or what-have-you later down the line. I hope this helps!
Yes, that's definitely part of it. There's also actual punishment - including up to 6 months jail time - for not paying debts.

As this article states:

"As a military member, you know that you are required to pay your debts. If you didn’t know this, it is spelled out for you in Article 134 of the Uniform Code of Military Justice (UCMJ)...

...And guess what? Every place of business near your base also knows you are required to repay your debts. That is why there are so many businesses willing to extend credit to service members. The businesses know that one way or another, they will receive their money. A quick phone call to a First Sergeant or Commander can get things taken care of very quickly."
Wow! This reminds of my mom who grew up as an army kid. She said that like if you, as the child of a service member, drive drunk on base that that can affect your parent's job. So yeah, totally makes sense that they would extend credit like it's going out of style to those folks. But does what you say affect the spouses and children as well, do you know?

In reality, no one is going to jail for a 90 day late. lol I really don't know if anyone has ever been reprimanded (Article 15'd) for their immediate family member's debt. That seems very unlikely, especially considering how many Commanders or Senior Chiefs don't even want to deal with creditors in the first place.

Family can definitely affect a security clearance: "After racking up $50,000 in consumer debt, the employee admitted the debt was due to “his own stupidity,” as well as letting his spouse handle the finances. But just as ignorance of the law is no excuse, ignorance of your spouse’s spending is no excuse. The Defense Department of Hearings and Appeals affirmed the denial, and the judge specifically cited allowing his spouse to manage all finances was an example of poor judgment, and not the level of responsibility expected of a clearance holder."