We all love a good military benefit right? This life is not easy between the sacrifices you make as a military spouse, moving constantly, and just general wear and tear that the military brings to your life. I always try to remember to ask about military discounts when I’m out to eat or shopping. Most industries offer a Military discount with your ID. For instance, 15% at Lululemon, 10% at Lowes, there’s the often-wonderful benefit of boarding first on a flight, free admission at Seaworld and Busch Gardens, the magnificent VA Loan benefit allowing you to purchase a home at a new duty station, 25% at Verizon and AT&T, the GI bill and of course the ever so wonderful health care benefit of Tricare. The list of Military benefits and discounts is too long to list and it’s delightful that our country offers these to military members and veterans.
Servicemembers Civil Relief Act
One benefit that I personally did not know about is the SCRA (Servicemembers Civil Relief Act) benefit. As we all know the income a military member makes is most times the sole income of a house. Moving every 2-3 years makes it practically impossible to keep a job and stay on a career path. Military spouse employment is down. The unemployment rate for military spouses is around 22% which is more than 4 times the national average. 31% of military spouses report being underemployed, meaning they are working in positions below their education, and experience level. Sometimes the lack of employment for a spouse means that finances are TIGHT.
Picture this:
You PCS to a new duty station, your new home needs a lot of work and takes a majority of your excess income to maintain. A few years go by you have new babies, and home projects. You know that you’re struggling, but isn’t the rest of the world; isn’t this normal? You find it difficult to find a job and find affordable childcare. You’re stuck in this cycle of needing a job but also needing childcare, and is it worth it to just work to pay for childcare? So one day you take a look and realize, you need to reevaluate what you’re doing. Something needs to change because you are suddenly drowning in credit card debt.
Enter SCRA, Servicemembers Civil Relief Act. It is a federal law that provides a wide range of legal and financial protections to Active-Duty members. It is designed to relieve some of the financial obligations and civil actions required while members are serving the country. The SCRA limits interest rates on loans, debts, and CREDIT CARDS. The limit is capped at 6% but some companies will go even further at 4%. The best part of this is as a spouse your accounts qualify as well. Easing the financial stress that comes with PCS, and life in general.
Steps to take:
It’s very simple. Call your lender and inquire about the SCRA. Most times they require you to provide a Marriage certificate, orders, LES, as proof of service dates. Each lender is going to be different so calling would be your best option.
After being married for two years and in a relationship for over 5 years, I had no idea this existed or that it would apply to me and If you -like me- had no clue this existed, run, don’t walk and call your credit card company A$AP Rocky!
Meet Chandler
A retired zookeeper and stay at home mom of two babies, Foster (2) And Lucy (4 months). Chandler enjoys going for hikes with her family and generally just being outside. Doing home projects with her husband and sipping coffee while listening to Noah Kahan during Stick Season in New England. All jokes aside she is new to staying at home with her babies and figuring out budgets and Military life one day at a time. Her husband is an Electricians Mate on the US Coast Guard Barque Eagle and they have been together since 2 weeks before he left for boot camp. They are celebrating 2 years of marriage in October 2024.
