Debt relief for new service members

[torpedo0126]

I just brought this up on another thread...I'm sure its been brought up before, but just in case...

make sure if you are coming into the service with debt to check out your eligibility for the Servicemember's Civil Relief Act.

http://www.military.com/benefits/legal-matters/scra/overview

There are several benefits, including reduction on your credit card interest on debt accrued prior to entering service (~6%)

 

[Ajleger]

This may be a stupid question, but do we just call the credit card companies and let them know that we want to take advantage of that? Being BDCP, we're considered active duty.. That could definitely help me out a little. Especially since Ive gotten letters from most of my fixed rate cards, with the rates jumping up.

Edit: saw the answer in the commisioning loans thread. Yes, just call them.

 

[Ken_gone_flying]

I heard about this a while back, but forgot to pursue it. I just called my Bank Of America card services and told them I would like to take advantage of this and the guy was very helpful in telling me exactly what I have to do to get that interest rate on the debt I accrued prior to re-entering service. Its just a matter of faxing them your orders that brought you onto active duty, command, CO, contact phone number for command, and thats pretty much it. Sounds pretty painless, we'll see.