I own about $10000 4 cridet card, but I will enter Air Force next month! Can they pay off my money?
2007-09-02 16:07:40 · 12 answers · asked by Anonymous in Politics & Government ➔ Military
How could someone so young be $10K in debt? Creditors will force the military to dock your pay. In the mean time you will be a poor security risk. You will not have access to classfied material which will limit your promotion potential. The best thing to do is get you finances in order before joining.
2007-09-02 17:26:00 · answer #1 · answered by Richard B 4 · 1⤊ 0⤋
No.
But you can invoke the Soldiers and Sailors Relief Act and get your interest rate cut to around 4% which will help greatly in paying them off. It will also keep them from damaging your credit report or coming after you with bill collectors. But if you add MORE credit card debt on top of it, that is NOT covered by the Act so the interest rate will be what the credit card companies want to charge, they can come after you, and you can get in trouble with the Air Force for racking up debts you can not pay.
My advice. Cut up the credit cards, live in the barracks, eat in the chow hall and get those debts paid off ASAP.
2007-09-03 00:37:30 · answer #2 · answered by forgivebutdonotforget911 6 · 2⤊ 0⤋
No, you will have to pay that off. They only debt that might even consider paying for would be if you had college debt and entered as an officer.
But no any debts you make before the service or while on active duty is paid in full by you.
good luck
EDIT: entering the military doesn't lower or eliminate your interest. The only time that credit card interenst is lowered is when you are National Guard or Reserves and you are called to Active Duty to go fight in the war and only during the time that you are active but once you come back home and go to "weekend warrior" your interest will go back up to where it was before going active.
http://www.military.com/benefits/legal-matters/scra/overview
2007-09-02 23:14:54 · answer #3 · answered by ckamk1995 6 · 0⤊ 1⤋
No, the only debt the Air Force will pay off for you is student loans. You need to have your balance deferred while in BMT. Make sure you stay current on all payments. You may lose your job if you don't.
2007-09-03 02:40:12 · answer #4 · answered by Matt 3 · 0⤊ 0⤋
Why would they pay off your debt? You will earn good money and if you turn smart then YOU can pay off your debt. But you have to learn to be smart with money. First step, get rid of all your Credit Cards.
2007-09-03 01:59:31 · answer #5 · answered by dohm84 4 · 1⤊ 0⤋
if you have credit card debt, there's not much the military will do to help. if you had student loan debt they sometimes pay off the debt depending on the size.
but dont you get a signing bonus? use it to pay off your debt.
2007-09-02 23:16:19 · answer #6 · answered by act_won 4 · 0⤊ 0⤋
no they will not. YOU earned the debt, YOU get to pay it off.
2007-09-03 09:37:59 · answer #7 · answered by Mrsjvb 7 · 0⤊ 0⤋
It only lowers, if not eliminates your interrest rates as long as you don't add to them.
2007-09-02 23:22:44 · answer #8 · answered by Just me 5 · 0⤊ 0⤋
I dont think so unless you use your salary to pay for it.
2007-09-02 23:12:53 · answer #9 · answered by Patsfan 6 · 1⤊ 0⤋
The only way that the military will pay it off, is thru your SGLI!
hurry, get to training, then go to Iraq!
your wish might just come thru!
2007-09-02 23:26:22 · answer #10 · answered by momofukuando 1 · 0⤊ 5⤋