In these current and volatile economic times for Americans I decided to ask the military community’s financial experts at United Services Automobile Association (USAA) some questions and they kindly agreed! So after my interview last night I shall share several blogs about finances and what the experts at USAA say about how to best deal with the current economic situation in which we live.
Mike Kelly and JJ Montanaro, are both veterans and members of the staff at USAA. Mike is a former Air Force public affairs officer and JJ is a Army Reserve Lt Colonel. They have been there in your shoes/boots and lived the life so I thought it would be great to hear from them.
My first question to the experts was: Is there help for military families caught in a pinch by adjusting their home mortgage rates or restructuring it? JJ stated that USAA uses three service providers/lenders and that the member should contact the one with their mortgage loan. They should discuss their current financial situation versus waiting till they have no or little maneuver room. He said that lenders are interested in avoiding foreclosure and will assist when they can. Obviously the same advice applies to any lender; bad news never gets better with time. They both reiterated the current strength of USAA and its ability to support members’ needs. The association seeks to benefit its members during its financial decisions.
I asked JJ if he had one word of advice for military families what it would be. He said, “Spend less than they earn and save some to boot.” Seems like a simple strategy but one that takes discipline and budget awareness. They provided a link for a video webinar titled “Wiping Out Debt”. It provides a great discussion and answers questions that are applicable for military personnel and family members. Did you know that USAA will lower your credit card interest rate to 4% for members that are deployed?
My next blog about your finances will be on the investment arena and what members of USAA can do during the stock market crisis. Also, I intend to discuss what impacts you can expect on your car loans, insurance, etc as a result of the financial crisis.
If you want to learn more about USAA membership and benefits please contact them through this link at USAA. It is great to have an association with leadership that has experienced our lifestyle and its many challenges!byColonel KonMonday, October 20, 2008Email ThisBlogThis!Share to TwitterShare to FacebookShare to PinterestMilitary Life:“Finances in a Crisis”,Col K,finances,USAA