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credit

Establishing Good Credit with Military Star

February 23, 2009

by: Leah Miller and Philanda Morgan

Credit can be frightening, particularly with today’s uncertain economic environment. I can imagine the fear only intensifies when being faced in combination with the additional financial risks associated with deployment or PCS. Responsible use of credit is definitely gaining prominence without much regard to personal financial status. We are all discovering ways to save money and even cutting back to absolute necessity. Find links to tips below or refer back to Lauren’s previous post: Penny Wise for the New Year.

Here’s an editorial from Military Star:

For many young men and women, joining any branch of the U.S. Armed Services means gaining first-time independence. Today’s service members will share new experiences and responsibilities at new duty stations far from home.

This newfound independence also means a growing list of financial decisions and demands, and is compounded when the service member has a family. For many, this will be their first experience with credit.

While some perceive credit as a “bad” thing, the truth is your credit history will determine whether you are approved for a bank, home or car loan, are extended future credit, and whether you are offered the best possible finance rates — during the best and worst economic times.

The MILITARY STARSM Card was developed to help service members establish good credit and develop healthy habits to maintain it. The card includes service member-specific amenities that cannot be found with other retail cards, “payday loans” or rent-to-own plans: the lowest interest rate, zero-interest promotions and coupons, no annual, late or over-limit fees, and the option to suspend payments during deployment.

MILITARY STAR extends only a modest credit line to new enlisted military members to help them build good credit over time. New cardholders also receive educational literature about the wise use and long-term management of credit, and credit protection. Building Credit Wisely and Credit Building Basics are just two of the credit education programs available on the Exchange Credit Program (ECP) web site.

Cardholders who may be experiencing financial difficulty and have trouble making their monthly payments can contact ECP Customer Service to make alternative arrangements before their credit situation worsens.

While taking on new credit may not be right for everyone, MILITARY STAR is a sensible alternative for those who have the discipline and means to manage it wisely. Learn more at https://odin.aafes.com/starcard/credited.asp.

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Penny Wise for the New Year

January 15, 2009

2981839392_1bc7a282e7 In the spirit of being a part of the online military community, this blog will spread the word about other military family inspired programs and initiatives.

Growing up, my father was enlisted in the Air Force and my mother stayed at home to raise me and my sister. We lived on an income of one. Very different from most families these days. However, at that time, being stationed overseas there was not a lot of opportunity for my mother to get a second job. Far away from their families, despite the rough times, my parents struggled to ensure my sister and I never lacked anything. We grew up learning the value of a dollar.

Hard economic times are upon all of us. Think about those families with loved ones deployed. The spouse is left to care for the family and the household. It is tough. No doubt about it and my heart goes out to all those going through rough times.

It is a new year and I am sure you have made a financial resolution or two. Me too. Part of ensuring a resolution sticks is to change my frame of mind. So, I am reading the right material to begin changing some bad habits…like a Starbucks latte in the morning without fail. I stumbled across this post on the Back in Skinny Jeans blog (don’t you love this title?!) listing great personal finance resources. Check it out!

Another resource to look into is the upcoming financial workshop created by Taffy Wagner. As a veteran Air Force staff sergeant, Taffy Wagner, DMin, knows how challenging it is for young engaged women to military service members, newlyweds and spouses to be put in the position of money management when they have not had a chance to get used to the military lifestyle. The excitement of being a bride and saying “I DO” can quickly turn into sadness and feeling lonely because of a deployment or even a short temporary duty assignment. Let’s face it, being “Married to the Military” is its own unique community. Finances are different for military service members and families.

Wagner created Money Talk Before The Commitment Walk and Debt Stops At The Altar financial education program to teach couples how to communicate in a non-threatening manner throughout the lifetime of their marriage. “I believe this course would be a great starting point for military spouses who are placed in the position of managing money for their household.” Wagner said. “I know it is hard for spouses to be “thrown into” managing money when they might not have done well on their own. What I teach will follow them wherever they go and equip them for financial harmony.”

Wagner is offering a 25% discount to military spouses that purchase this program and is donating 15% of all purchases made from January 14, 2009 to January 30, 2009 to be divided between several military support organizations like National Military Family Association, eMom and Help A ServiceMember Out to reach out to the community she still considers herself a part of.

One step at a time we can begin to take control of our finances and not let our finances take control of us.

(Photo courtesy StormchaserMike.)

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