If you’re a veteran, active-duty military, or a surviving spouse, then you know what it means to perform under pressure. But the weight of growing debt and pressure of monthly payments is not something you should endure alone.
Veterans Affairs (VA) Loan Programs offer special advantages that can help you gain control over your finances and ease the tension around your monthly payments.
To successfully implement those advantages, you first need to understand your options. In the article below, we’ll explore how you can use a Veteran Personal Loan offered by The Federal Savings Bank, to consolidate your debt, potentially lower your monthly payments, and access greater peace of mind knowing you’re reaping the full rewards of your service.
The VA Financial Landscape
A recent study found that 35% of military personnel struggle to pay their bills on time. Furthermore, 54% report just getting by financially, and a staggering 86% worry about personal finances. Inflation exacerbates these challenges, with 18% of servicemembers missing at least one loan or credit card payment in the past year.
Given your sacrifices for our country, managing debt and timely bill payments shouldn’t be an added struggle.
The Advantages of Consolidating Debt with a Veteran Personal Loan
One option for the military community is to take advantage of Veteran Personal Loans to consolidate debt.
Consolidating your debt means taking out a single loan to pay off all your other loans and credit card debt. Consolidating into a single loan may simplify your financial life and often results in a more manageable monthly payment. For military families, this may mean less financial struggle and a clearer path to reducing overall debt.
A Closer Look: How Veteran Personal Loans Can Help
We know the concept of debt consolidation can seem overwhelming. To better understand how a Veteran Personal Loan can assist in debt consolidation, let’s consider an example:
Imagine the case of John*, a Navy veteran juggling multiple debts. He has a car loan at 7% interest, credit card debts totaling $15,000 at an average interest rate of 18%, and a small personal loan at 10%. Each month, John struggles to keep track of these separate payments, often feeling overwhelmed by the varying due dates and total amounts.
John learns about Veteran Personal Loans and decides to consolidate his debts into a single Veteran Personal Loan. Here’s what changes:
- His new loan covers the total debt amount but at a significantly lower interest rate than his credit cards.
- John now has a single, more manageable monthly payment, making his financial management much simpler.
- With a lower interest rate and a structured repayment plan, he finds himself paying less overall each month.
This strategy not only helps John regain control over his finances but also reduces the stress and complexity of handling multiple debts.
Get Started With Your Veteran Personal Loan:
When you’re ready to take control of your financial future, reach out to a trusted lender, like The Federal Savings Bank, who can help answer all your questions and set you on the right path towards financial stability. Consult with a loan officer or head over to our free Learning Center to learn more.
Fictional example provided for education purposes only. Actual results may vary.
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
