Veteran debt assistance.
Find programs that help veterans reduce or eliminate their debts. There is assistance for credit cards, mortgages/home loans, car payments, medical and other debt relief that will help vets. Government and non-profits provide help. Find veteran debt assistance programs below.
The resources available are wide ranging. Veterans can benefit from loan extensions or forgiveness, debt management plans (DMP), interest rate reductions, refis, government grants and more. The government, credit counselors and charities all try to help veterans manage and overcome financial challenges, including any debts that are due.
Government programs that provide free debt relief to vets
There are several federal benefits that focus on assisting veterans and their families. While the range of support varies, some of them do provide assistance with credit card or medical debts, predatory loans, mortgages and other creditors. All of the government programs are free or have minimal costs - often income based resources.
VA home loans are available to veterans. They can be used to help purchase a house or refinance and existing mortgage. The interest rates are typically lower than conventional loans and they often have lower fees. Veterans that own a home or that are in dent due to a high-priced mortgage will often benefit from this federal program.
- In addition to the lower interest rates and fees, the Veterans Affairs Department guarantees a portion of these loans, eliminating the need for private mortgage insurance or a down payment. This can be a viable option for consolidating high interest debt or helping a veteran purchase a home. The main phone number for customer support is (877) 827-3702.
Veterans that are in debt to the VA from overpaid benefits can get help. While the money is still due, there are resources available to make that obligation lower or more reasonable. The VA Debt Management Center offers repayment plans, a few waivers, settlements and other forms of relief. It will help if the veteran, or their family, was overpaid by the government in some fashion and if the money is now due. Call 800-827-0648.
Non-profit credit counselors that help vets with their debt
Non-profit credit counselors offer debt assistance to veterans as well as current members of the military provide. The agencies offer free or affordable help to low-income families, with many giving free consultations to vets regardless of their household income. The non-profits will also help spouses and/or kids of the vet household if they struggling. Many will offer free consultations and other assistance to vets to help them get out of debt.
- There are online consultations, advice over the telephone, and in-person meetings too if needed. Or get help from debt consolidation, access to workshops on improving money habits, or help with lowering interest rates regardless of credit score. Non-profit credit counseling will also offer vets assistance with stopping collection calls, and eliminating late fees and over-limit charges. Find free credit counselors for debt help near you.
National Foundation for Credit Counseling is a nationwide clearing house that partners with many organizations. The NFCC offers free credit counseling and debt management services to veterans and their families. There are online consultations, over the phone, or local offices that vets can be referred too. Call 800-388-2227.
Operation Homefront offers veterans debt assistance, gives financial help, job training services and more. A wide range of emergency and long term assistance programs are offered. Operation Homefront is a national non-profit that uses volunteers and donations to help vets and their families. There can be help with car loans, debt refinancing, case management and other support. More on Operation Homefront financial assistance.
Wells Fargo and the Hands-on Banking for Military program helps active-duty service members and veterans with a wide variety of money management as well as financial literacy programs. It covers reducing debt, living within means, saving for retirement or future goals and more. Wells Fargo will also offer vets free one-on-one counseling and special financial literacy programs to address the financial challenges faced by veterans or their families. Read more on Wells Fargo Hands On program.
Veterans can apply for debt management plans for their financial hardship. These programs, offered by most non-profit agencies as well as credit card companies, are designed to help veterans consolidate their debts into a single payment plan, making it more manageable. Most banks and other lenders offer this option, including Chase and Bank of America. Find a debt management plan from a credit card company.
Or vets can explore debt forgiveness or hardship programs that are also offered by banks, credit card companies and other creditors. This will in effect reduce some of the principal to help the vet get out of debt or reduce interest rates, or a combination of both. Learn more on hardship programs for credit cards.
Debt consolidation for vets is another option. This can include credit card debts and student loans, and it's aimed at reducing interest rates and extending the loan term for easier payment. Bank of America, Discover, Chase and other lenders offer these types of programs to struggling low-income families or vets too. Learn how to apply for a new loan to consolidate debt.
 There are several other national non-profits, free clinics, workshops and companies that offer veterans debt relief as well as financial literacy services. There are debt settlement, credit repair or builder services, help with bankruptcy and debt management programs. These services are offered regardless of their income, assets, or service records.
- Freedom Debt Relief helps veterans with credit card debt with the aim of anywhere from 24-60 months. They have programs for all sorts of credit card companies, including Synchrony, BofA, Capitol One, Chase and others Other groups help veterans as well. These include Money Management International, American Consumer Credit Counseling, InCharge Debt Solutions, and others. The National Foundation for Credit Counseling (NFCC) can offer referrals. Learn more on government assistance with credit card debt.
Conclusion - Veterans can get out of debt
There are multiple programs, non-profits organizations and government programs that will assist veterans with any due they have. There are government-backed programs or loans as well as relief offered by companies as wide ranging from Bank of America to Chase. It's important for veterans as well as their families to explore these options to manage their financial obligations effectively.
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