Helping Veterans Find Financial Freedom
Being a veteran comes with many unique financial challenges. Frequent relocations, career changes, injuries, and mental health struggles can all contribute to financial hardship for veterans and military families. At Delancey Street, we understand these challenges. That’s why we’re dedicated to helping veterans and active military personnel find financial freedom.As a veteran myself, I know firsthand how difficult managing finances can be during and after military service. My own story of debt and hardship taught me just how badly our veterans need support. Now, it’s my mission to provide that support.
The Debt Crisis Among Veterans
Let’s start by looking at some statistics:
- 50% of veteran families have less than $500 in emergency savings or no emergency fund at all.
- Nearly 80% of military and veteran families carry debt, with the highest balances on homes, credit cards, and vehicles.
- 30% of veterans say financial stress negatively impacts their mental health.
- 14% report financial stress damages their relationships.
These numbers paint a grim picture. Our veterans are drowning in debt, and it’s damaging their wellbeing.At Delancey Street, our goal is to throw veterans a lifeline. We want to empower you to get your head above water so you can thrive again.
Debt Relief Options For Veterans
If you’re a veteran struggling with debt, there are solutions available to help lighten the burden. Here are some of the main options to consider:
The Department of Veterans Affairs (VA) offers home loans with favorable terms to help veterans purchase, build, or improve a home. VA loans require little or no down payment and have lower interest rates than conventional loans.
Debt Management Programs
Non-profit credit counseling agencies like Delancey Street provide debt management programs to consolidate debts into one monthly payment. We can negotiate with creditors to reduce interest rates, waive fees, and lower monthly payments.
With debt settlement, a company like Delancey Street negotiates directly with creditors to settle debts for less than what you owe. This can save 30-50% off eligible debts but may impact your credit score.
Filing for bankruptcy immediately stops collections and wipes eligible debts away entirely. Chapter 7 bankruptcy eliminates debts like credit cards and medical bills, while Chapter 13 bankruptcy restructures debts like mortgages and car loans into an affordable repayment plan.
Budgeting & Money Management
Learning how to budget, save, and manage money is critical for gaining control of your finances. Non-profits like Delancey Street provide financial education and coaching to help improve money management skills. The best debt solution depends on your specific situation. I always recommend starting with a free debt consultation from a non-profit agency. They can review your full financial picture and suggest the most appropriate debt relief options.
Beware Of Debt Relief Scams Targeting Veterans
Unfortunately, many predatory companies take advantage of veterans in financial distress. Be wary of any company that:
- Charges large upfront fees before providing services
- Pressures you to make a quick decision
- Makes unrealistic promises of debt elimination
- Tells you to stop communicating with creditors
- Asks you to pay them directly instead of your creditors
A legitimate company will be transparent about fees, provide written contracts, and offer flexible payment options. Do your research to ensure any agency you work with is reputable.
Additional Financial Resources For Veterans
Beyond debt relief, there are many programs available to help veterans financially:
- VA Pension – Provides supplemental income to low-income wartime veterans over age 65 or with disabilities.
- VA Life Insurance – Offers affordable term life insurance policies to veterans.
- VA Home Loan Guaranty – Backs loans from private lenders to help veterans buy, build, or improve a home.
- Vocational Rehabilitation – Provides job training and employment services to veterans with service-connected disabilities.
- GI Bill – Covers tuition costs for veterans pursuing education and job training.
- Veterans Pension – Delivers needs-based supplemental income to wartime veterans with limited income.
- Property Tax Exemptions – Reduces or eliminates property taxes for qualified veterans.
- Free Military Tax Filing – Lets active duty service members file taxes for free through MilTax.
This list just scratches the surface of what’s available. Reach out to veterans organizations or your state VA office to learn about benefits you may qualify for.
Share Your Story
At Delancey Street, we know that no two veterans have the same story. Your experience is what drives us to help. We’d love to hear from you.Tell us about your service, your financial situation, and the challenges you face. Sharing your story helps us better understand how we can support you on your journey to financial freedom. Please feel free to call, email, or stop into our office anytime to chat.
You Served Our Country; Let Us Serve You
Veterans, you were willing to make immense sacrifices for our nation. Now, let us help shoulder your burdens in return. At Delancey Street, it’s our privilege to empower veterans and military families to overcome debt, build financial stability, and thrive.We offer:
- Free debt and budget consultations
- Debt management programs
- Debt settlement services
- Financial education and coaching
- Care, compassion, and understanding
Don’t struggle alone. Our team of vetted financial experts is here to help. Reach out today to start your journey to financial freedom.