With unemployment rates for California veterans among the worst in the country, national financial education nonprofit provides service members with critical resources to become financially independent and strong.
San Francisco, CA – June 3, 2015
With large numbers of veterans in California and across the U.S. facing financial challenges and worries following military service, national nonprofit American Consumer Credit Counseling is offering new tips and resources to help overcome these challenges.
A recent study from Debt.org found that there are over 550,000 unemployed veterans and close to 50,000 homeless veterans in the U.S.. Veterans in the state of California are among the most financially troubled. The Golden State had the highest percent of homeless veterans out of all 50 states and ranked 48th in the country in job opportunities for veterans, according to a recent Wallethub study.
“It can be very difficult for our veterans to easily and effectively make the transition to the civilian workforce and manage the accompanying financial realities after serving our nation,” said Steve Trumble, President and CEO of Newton based American Consumer Credit Counseling, “While making the transition, it is extremely important to be aware of some of the most common financial challenges – particularly when it comes to credit problems, planning for retirement and tracking finances – in order to achieve financial independence.”
According to a recent survey conducted by the National Foundation for Credit Counseling, most rank-and-file service members are worried about their financial situations and future ability to earn and save enough. Fifty-five percent believe they are ill-prepared, financially speaking, for an emergency while 77 percent have financial worries. In addition, more than half of active service members say they are very worried about the potential loss of income and job security resulting from defense cuts and downsizing.
ACCC offers these five tips to help service members achieve financial independence:
- Pay off credit card loans: Take advantage of any chance you get to pay off or at least pay down expensive revolving credit debt. According to research from the Financial Industry Regulatory Authority (FINRA), military service members are often more likely to have greater numbers of credit cards and more costly credit behaviors than their civilian counterparts.
- Plan for retirement: While it can be difficult to plan ahead while dealing with current financial challenges, every little bit helps. Get involved with a Thrift Savings Plan, a retirement plan for military personnel.
- Educate Yourself: Through ACCC’s Veterans and Military Personnel Online Financial Education Center, veterans and current military personnel can access information and tools to evaluate their current financial situations and create targeted plans to solve their financial problems.
- Know your Veteran Benefits: Since claiming your benefits can be cumbersome and stressful, there are many veteran service organizations that will help you through the process. In order to stay organized, be sure to keep track of the benefits you qualify and apply for.
- Make the most of resources for finding a new job: Take advantage of Army Career and Alumni Programs and Veteran Services programs, which help military members make the transition to achieve successful post-service careers.
ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling call 800-769-3571
- For bankruptcy counseling. call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. As experts in debt and credit management, ACCC is well equipped to assist our US military service members and veterans with the unique financial challenges they face.ACCC provides veterans and current military personnel with the personal finance tools needed to evaluate their financial situation and determine the best possible debt solutions to ease their transition before, after, and during deployment. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help them determine the best plan of action to get out of debt and regain financial stability. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free personal finance resources, log on to ConsumerCredit.com or visit TalkingCentsBlog.com.