Military Consumer Month kicks off this July at the Federal Trade Commission:
“Empowering servicemembers, veterans, and their families is a top priority,” Chairman Joe Simons said. “During Military Consumer Month, we will highlight the agency’s resources to help the military community avoid imposter scams – but our work on behalf of those who serve continues throughout the year.”
Service members and their dependents have special rights relating to consumer debt issues. The Servicemembers Civil Relief Act should ease financial burdens during military service and covers full-time active duty members of the Army, Navy, Air Force, Marine Corps, and Coast Guard. The Act also covers reservists on federal active duty and National Guard members under orders for more than 30 days. Servicemembers lawfully absent from duty are also protected.
The Act’s benefits include:
- A 6% interest cap on debt owed before joining the military (credit card, auto loan or mortgage)
- Protection against entry of default judgments by creditors
- No repossessions without a court order
- Extra options for lease terminations
To learn more about the Act, visit the Department of Justice’s website at https://www.justice.gov/servicemembers/servicemembers-veterans-and-military-family-members.