Veterans Struggle with Debt: 7 Reasons Why and How to Get Relief As a nation, we owe a great debt of gratitude to our veterans who have served our country with honor and distinction. However, many of these same individuals are struggling with their own debt, often due to factors beyond their control. According to the Consumer Financial Protection Bureau (CFPB), military personnel and veterans are disproportionately affected by debt, with some estimates suggesting that as many as 60% of veterans struggle with debt. So, what are some of the reasons why veterans struggle with debt? And more importantly, how can they get relief from these financial burdens? Reason #1: Unemployment and under-employment Many veterans struggle to find employment after leaving the military, leading to a lack of steady income. This can lead to a buildup of debt as they struggle to make ends meet. Reason #2: Medical expenses Injuries sustained during service often result in significant medical expenses, which can be overwhelming for even the most financially stable individuals. Reason #3: Education costs Veterans may seek education or training to improve their job prospects, but these costs can add up quickly, leading to debt. Reason #4: Credit card and loan debt The temptation of credit cards and loans is a common pitfall for many veterans, leading to debt that can be difficult to manage. Reason #5: Divorce and separation Divorce or separation can lead to significant financial burdens, including debt. Reason #6: Student loan debt Veterans may have taken out student loans while in the military or pursuing higher education after service, which can be a major source of debt. Reaso...#Consumer_Financial_Protection_Bureau #Department_of_Veterans_Affairs #credit_card_debt #student_loan_debt #medical_expenses #unemployment #under_employment #education_costs
