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Studies indicate that military families often face higher debt and fewer assets compared to civilians. The unique challenges of military life, such as frequent transitions and limited financial experience, can have long-term effects on servicemembers' finances. This article highlights the significance of acquiring financial knowledge to make smart financial decisions. Additionally, it provides steps to respond effectively to identity theft, including minimizing the impact, contacting the relevant companies, visiting IdentityTheft.gov, placing a fraud alert, obtaining a credit report, and notifying the commanding officer.
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Why This Matters • Studies show that, on average, military families have higher amounts of debt and fewer assets than civilians • Challenges of military lifecan affect servicemembers’ finances: • Frequent transition and changes • Many servicemembers have little financial experience • Decisions have long-term effects • Getting the know-how is key to making smart financial decisions
Responding to Identity Theft • Minimize the impact • Call the companies where you know fraud occurred. • Visit IdentityTheft.gov • Place fraud alert • Get credit report • Notify your commanding officer
