Understanding the Debt Crisis: Veterans Share Their Struggles
Understanding the Growing Debt Crisis Among Veterans
In a profound new study, findings reveal that a staggering percentage of veterans experience overwhelming impacts from debt, significantly affecting their mental health. This insightful research, conducted by National Debt Relief in collaboration with Wakefield Research, surveyed 1,000 veterans aged 21 and older who are now adjusting to civilian life. The insights paint a troubling picture, indicating that many veterans are struggling with financial issues that compound their emotional challenges.
Veterans' Perspective on Debt and PTSD
A considerable 91% of veterans surveyed believe that debt exacerbates symptoms of military-related PTSD. This connection is deeply personal for many, particularly younger veterans, with a notable 34% admitting they have felt the weight of this issue directly. The survey spotlighted alarming trends, indicating that financial pressures can contribute to ongoing psychological distress, particularly for those who have served recently.
Younger Veterans Face Unique Challenges
The survey found that nearly 40% of veterans constantly stress about paying bills. This concern soars dramatically to 51% for younger veterans in Generation Z and Millennials. For them, navigating the complexities of finances can feel just as challenging as their military duties. Natalia Brown, Chief Compliance and Consumer Affairs Officer at National Debt Relief, emphasizes that many veterans may not be aware of the resources available to support them in achieving financial stability.
Financial Obstacles Confronting Veterans
Several key insights emerged from the survey regarding veterans' financial struggles:
- A remarkable 90% of veterans have some form of debt.
- Seventy-two percent struggle with credit card debt, with a significant portion owing over $10,000.
- Medical bills constitute a financial burden for 30% of veterans.
- Notably, nearly a quarter of veterans lack any savings, illustrating the precariousness of their financial situation.
- Concerns about future employment are prevalent, particularly among younger veterans.
The Emotional Toll of Financial Strain
For many veterans, especially those from younger generations, the impact of debt can be devastating. The survey highlights that among Gen Z and Millennial veterans, a striking 77% are still repaying debts accumulated during their military service. In addition, over half report working longer hours than desired to manage their financial obligations. Some veterans even resort to skipping meals to save money, a painful signal of the depth of their struggles.
Phillip Easton, Managing Director of The American College of Financial Services' Center for Military and Veterans Affairs, shares invaluable insights from personal experience. He underscores the significant emotional toll that financial instability takes on veterans, affecting their dignity and self-worth. Financial literacy and support should be integral to helping veterans transition successfully from military to civilian life.
Access to Financial Resources for Veterans
As emphasized in the study, many veterans lack the necessary financial knowledge to navigate life beyond active duty. Alarmingly, 43% of younger veterans took over six months to secure employment after leaving the military, and 28% admitted to feeling unprepared to manage their finances during this critical transition. These challenges often lead to a cycle of increasing debt and lost opportunities.
Brown articulates that debt represents more than just a financial issue; it carries profound emotional and psychological implications. National Debt Relief seeks to empower veterans with the assistance and guidance needed to build financial resilience. For those grappling with unsecured debts exceeding $7,500, debt settlement offers a potential path towards recovery.
Finding Solutions for a Better Future
The debt settlement program from National Debt Relief is designed to help individuals eliminate debt more effectively while avoiding bankruptcy. The program aims to create manageable payment plans fitting within veterans’ budgets. Interested veterans can discover more about available solutions by reaching out to National Debt Relief for a complimentary consultation with a qualified debt specialist.
About National Debt Relief
National Debt Relief is transforming the debt settlement experience through its Whole Human Finance™ approach, which supports clients in reclaiming their financial health. Recognized by BBB with an A+ rating and ranked as the leading debt settlement company by Forbes Advisor in multiple years, National Debt Relief has been dedicated to helping countless individuals achieve financial wellness since 2009.
Frequently Asked Questions
What did the study from National Debt Relief reveal?
The study indicates that 91% of veterans feel their debt worsens PTSD, revealing significant emotional and financial struggles among this community.
How does debt specifically impact younger veterans?
Young veterans often deal with chronic debt from their military service, impacting their ability to find employment and affecting their mental health.
What percentage of veterans have debt?
About 90% of veterans reported having some form of debt, with many struggling to manage it effectively.
How can veterans find support for their debt issues?
Organizations like National Debt Relief offer various resources and solutions, including debt settlement programs tailored for veterans.
What is the suggested way for veterans to achieve financial stability?
Veterans are encouraged to seek financial literacy resources and consider professional assistance to address their debt strategically and reclaim their financial health.
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