Military families get financial planning advice from Citi Bank
Mark Brighton
Friday, June 22, 2012, 3:56:56 PM
Money can be tight when service members are deployed and many of these young men and women do not get a chance to learn about financial planning and money management during their busy careers in the Armed Forces. That is why Citi Bank is joining with a number of nonprofit organizations to provide a free online financial education and counseling program.
Iraq and Afghanistan Veterans of America (IAVA), the Tragedy Assistance Program for Survivors (TAPS) and the Military Spouse Corporate Career Network (MSCCN) are joining Citi in the program, called CredAbility ReConnect, coordinated by CredAbility, a national nonprofit credit counseling program. The program will offer online courses to educate military families about the financial impact of deployment and what they can expect. Its courses will also cover subjects like debt management, budget and credit counseling and home buying.
The program will likely be a relief for a number of military families. According to Debt.org, more than 25 percent of military families that have credit card debt carry a balance over $10,000. Plus, about a third of these families have reported they have trouble paying their bills each month.
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