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Military has focused on financial education for members
By Angela Hawke on May 30th, 2010
A recent story from the Armed Forces Press Service notes that the Defense Department has taken steps to make sure service members have the proper financial education.
According to Marcus Beauregard, an analyst for the Pentagon, making sure members of the military are financially stable benefits them and the overall mission of the Defense Department. A recent report showed that financial issues rank third behind career prospects and their mission as matters of concern for those in the service.
"If they're paying more attention to their financial concerns, they're paying attention less to their primary mission and their primary jobs," Beauregard said.
As a result of the increased credit availability seen a number of years ago, the department made sure to pay more attention to the financial education of military members.
Those same lessons, including paying off debt on a timely basis, can apply to civilians as well. However, some people may have overspent on credit cards in the lead up to the recession, leaving them with high balances and elevated interest rates.
To combat this, consumers may consider debt consolidation, which can lower interest rates and make bills easier to pay off.
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