The law requires the major nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to give you a free copy of your credit report each year if you ask for it.  Visit AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit reports each year.  You also can write:  Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

The law requires the major nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to give you a free copy of your credit report each year if you ask for it.  Visit AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit reports each year.  You also can write:  Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

The Federal Trade Commission recommends a three-pronged approach:  Deter (Deter identity thieves by safeguarding your information), Detect (Detect suspicious activity by routinely monitoring your financial accounts and billing statements) and Defend (Defend against ID theft as soon as you suspect it).  More information can be found at the Federal Trace Commission.

The Federal Trade Commission recommends a three-pronged approach:  Deter (Deter identity thieves by safeguarding your information), Detect (Detect suspicious activity by routinely monitoring your financial accounts and billing statements) and Defend (Defend against ID theft as soon as you suspect it).  More information can be found at the Federal Trace Commission.

Generally, debt incurred by either party in a marriage belongs to both parties.  The most prudent course of action, however, would be for the service member to speak with an attorney regarding his or her potential liability.

Generally, debt incurred by either party in a marriage belongs to both parties.  The most prudent course of action, however, would be for the service member to speak with an attorney regarding his or her potential liability.

An LOI is a claim by a creditor that the service member is not making contractual payments.  The commander should give the LOI to the service member and provide him with counseling as to the possible negative ramifications of indebtedness.  If a court judgment is entered against the service member, the base legal organization will become involved.

An LOI is a claim by a creditor that the service member is not making contractual payments.  The commander should give the LOI to the service member and provide him with counseling as to the possible negative ramifications of indebtedness.  If a court judgment is entered against the service member, the base legal organization will become involved.

There are relief societies on each installation that provide emergency financial assistance to service members. 

There are relief societies on each installation that provide emergency financial assistance to service members. 

Active duty members of the Armed Forces have special rights under the Servicemember's Civil Relief Act of 1940 (SCRA). The SCRA applies to all service members on active duty and provides them a wide range of protections, including the ability to request temporary suspension of civil judicial and administrative proceedings when their ability to participate in those proceedings is materially affected by their military duty.  A service member should speak with a local legal assistance attorney to determine whether the SCRA is applicable to his or her situation.

Active duty members of the Armed Forces have special rights under the Servicemember's Civil Relief Act of 1940 (SCRA). The SCRA applies to all service members on active duty and provides them a wide range of protections, including the ability to request temporary suspension of civil judicial and administrative proceedings when their ability to participate in those proceedings is materially affected by their military duty.  A service member should speak with a local legal assistance attorney to determine whether the SCRA is applicable to his or her situation.

Send service members to speak with the Command Financial Specialist or Personal Financial Management Counselor.  These individuals should be aware of which commercial organizations are likely to take advantage of service members with predatory loans and they can probably direct the service member to a military lending institution that offers a more competitive, lower rate.

Send service members to speak with the Command Financial Specialist or Personal Financial Management Counselor.  These individuals should be aware of which commercial organizations are likely to take advantage of service members with predatory loans and they can probably direct the service member to a military lending institution that offers a more competitive, lower rate.

Speak with the Command Financial Specialist or Personal Financial Management (PFM) Specialist on the installation.  Service members need to be aware that there are long-term consequences to filing for bankruptcy, such as difficulty in qualifying for mortgages or other loans.  Seasoned PFM counselors report that in most cases, a viable financial plan can be developed in lieu of a service member filing for bankruptcy.

Speak with the Command Financial Specialist or Personal Financial Management (PFM) Specialist on the installation.  Service members need to be aware that there are long-term consequences to filing for bankruptcy, such as difficulty in qualifying for mortgages or other loans.  Seasoned PFM counselors report that in most cases, a viable financial plan can be developed in lieu of a service member filing for bankruptcy.

It is much more effective for the commander, along with the Command Financial Specialist, to sit down and educate the service member about the importance of budgeting.  Many young people join the military with little to no financial management skills.  Help generate an action plan and ensure that he or she has access to the appropriate resources.

It is much more effective for the commander, along with the Command Financial Specialist, to sit down and educate the service member about the importance of budgeting.  Many young people join the military with little to no financial management skills.  Help generate an action plan and ensure that he or she has access to the appropriate resources.

The Thrift Savings Plan (TSP) and your retired pay are very different entities.  The uniformed services retirement system is a defined benefit program.  This means that the benefit you receive from the uniformed services retirement system (i.e., your retired pay) is based on your years of service and the rank you hold at the time of your retirement, rather than on the amount of your contributions and earnings, as is the case with the TSP.  Unlike the uniformed services retirement system, the TSP is a defined contribution plan.  The retirement income that you receive from your TSP account will depend on how much you have contributed to your account during your working years and the earnings on those contributions.  Your retired pay will be yours only after you have served the requisite amount of years, whereas the TSP will be yours to take with you whenever you decide to leave the military service.  For more information on the TSP, go to the TSP website.

The Thrift Savings Plan (TSP) and your retired pay are very different entities.  The uniformed services retirement system is a defined benefit program.  This means that the benefit you receive from the uniformed services retirement system (i.e., your retired pay) is based on your years of service and the rank you hold at the time of your retirement, rather than on the amount of your contributions and earnings, as is the case with the TSP.  Unlike the uniformed services retirement system, the TSP is a defined contribution plan.  The retirement income that you receive from your TSP account will depend on how much you have contributed to your account during your working years and the earnings on those contributions.  Your retired pay will be yours only after you have served the requisite amount of years, whereas the TSP will be yours to take with you whenever you decide to leave the military service.  For more information on the TSP, go to the TSP website.

The military loses thousands of work-hours and millions of dollars annually due to poor financial management. In addition to financial troubles for the service member, poor financial management can impact individual and unit readiness through loss of working hours, loss of pay, loss of security clearances due to those financial hardships, poor performance on the job due to financial concerns, poor performance due to fatigue from a second job, and administrative time spent addressing collection agency correspondence.

The military loses thousands of work-hours and millions of dollars annually due to poor financial management. In addition to financial troubles for the service member, poor financial management can impact individual and unit readiness through loss of working hours, loss of pay, loss of security clearances due to those financial hardships, poor performance on the job due to financial concerns, poor performance due to fatigue from a second job, and administrative time spent addressing collection agency correspondence.