Military families experience more debt than civilians

Photo by: Sgt. Eric Rutherford

The National Foundation for Credit Counseling conducted a survey that revealed that military families have twice the debt of civilians and fewer assets.

According to KCEN, David Roebuck of Symphony Homes, who often works with military families who are trying to build or buy homes was not surprised by the numbers.

“Many of them are used to having things paid for without needing to save. Then when it’s time to do it, they’re in over their head,” said Roebuck.

Successful DJ, Gerald Reddick, was once a young soldier and said it is something he experienced. He said when he was a solider, he moved from place to place, ate out a lot and bought expensive cars. Eventually, his finances were in over his head.

“Our pride and joy was electronics. We all wanted the best. In most cases we didn’t have the responsibility of a family,” said Reddick.

He said many of his fellow soldiers lived on credit cards and spend more than they had according to Reddick. He believed buying things helped fill the void of missing family and friends.

The Carlson Law Firm stays dedicated to helping our military and their families. If you suffer from debt and are struggling to make your bills, contact the office for a free consultation with a bankruptcy attorney to look at your options.

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