Military Families Feel the Pressure as Debt Crisis Worsens
A recent article in the Washington Post discussed the debt crisis as it affects military families. Three military families whose debt is out of control received a much needed debt boot camp, properly titled Color of Money Military Challenge. The program requires families to come clean about their financial situations and in return, they receive help to ease their financial burdens. This year, three families volunteered to be a part of the counseling boot camp.
Each family is a prime portrayal of the average family afflicted with bad debt. They have racked up thousands and thousands of dollars in debt, their savings accounts are empty or low and one family fell victim to the housing slump, getting stuck with a mortgage they can neither afford nor escape. These families are prime candidates for the boot camp because they have already decided to reign in their debt and finally get a grasp on their finances.
By committing to pay off their credit card debt and living a little more frugally, these families have risen from the trenches of debt that dragged them downward. One family began the challenge with $27,600 in credit card debt. They currently have $6,500 left. Another began with over $30,000 in credit debt. They now have just $1,000 left to pay off.
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