![]() ![]() Military service members are constantly the target of predatory lenders. Under these terms, this $30,000 car will cost this soldier almost $82,000. It purports to show a soldier who bought a 2019 Chevy Equinox at a 34.7 percent interest rate. Using statistical observations of service members’ financial position, highlighting of current resources available to troops, and analysis of quantitative metrics, a comprehensive recommendation is made to combat this serious foundational issue.įigure 1 shows the re-creation of a screenshot that recently made its way around social media. This article explains the problem, its second and third order effects, and how this deficiency costs the government billions of dollars per year, reduces readiness, and makes the military more susceptible to coercion. Current methods of teaching personal finance skills have proven ineffective for the military audience. ![]() Despite significant and well-intentioned efforts by the Department of Defense (DOD), data shows that service members are comparatively worse off than their civilian peers in terms of financial literacy and stability. ![]()
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