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Follow on Google News | MoVetLoans.com Offers Helpful Hints and Tips for Veterans with Less Than Perfect CreditCredit Counseling For many veterans and servicemembers, credit counseling is the first step toward debt relief and financial freedom. Many vets entered the military at a young age – sometimes right out of high school – before they had much real world financial experience. This can lead to damaged credit and debt that seems impossible to pay off, especially if an unexpected setback occurs. Credit counseling services are designed to provide veterans with that financial education. Credit counseling sessions may cover topics like checking one's credit, understanding the FICO score, and options for consolidating high-interest debt. Debt Consolidation Loans Debt consolidation loans are another excellent option for veterans who are facing collections or even struggling to make ends meet due to high-interest debt. These loans consist of a lump sum of money that veterans can use to pay off all their debtors. Rather than making multiple payments on multiple accounts each month, a debt consolidation loan allows veterans to pay one debtor. Oftentimes, the interest rates associated with debt consolidation loans are much more affordable, as well. Many veterans save hundreds of dollars each month this way. Veterans who have VA home loans qualify for a special loan known as the MDCL, or the Military Debt Consolidation Loan. This is a lump-sum loan, as well, and it is secured by the equity on the veteran's home. Using equity as a form of collateral gives veterans more bargaining power, which allows them to negotiate loan terms that best suit their needs. Other Helpful Hints Though credit counseling and debt consolidation loans are excellent ways to achieve financial freedom, MoVetLoans.com offers other helpful tips. For starters, veterans with traditional mortgages on their homes might consider refinancing into a VA loan, which can offer better terms and lower interest – even for those who have credit challenges. Other options include utilizing credit cards with zero-interest introductory periods for balance transfers, which can provide an excellent opportunity to cut interest payments and pay down credit card debt more quickly. To learn more about MoVetLoans.com and the variety of services they can provide, visit their website. For questions, call (314) 782-5439 or send an email to mschomaker@mortgage- End
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