Protecting your credit during a military move

Protecting your credit during a military move

Spring and summer can be a stressful and very trying time of the year for a lot of military families due to the fact that it often consists of relocation to a brand new duty station.  A lot of families in the military have to move every year; there are plenty of things that need to be remembered and given consideration to when packing up belongings in order to move hundreds or possibly even thousands of miles away.

One of the biggest problems that can be encountered by service members making a move relates to credit.  If the relocation causes them to miss bills such as their monthly credit card bill, it can result in financial problems and a not insignificant drop in their credit rating.

Credit card lenders often impose penalty interest rates on people who pay their bills late and these can be a good deal higher than the standard ongoing interest rates that are normally paid, which quickly adds to the debt level.  The same also applies to penalty fees.  For these reasons and many others it is vital that military families that are set for relocation inform their financial institutions of the move, and give them their new address.

Another big issue that can add to financial stress is the spouse of the service member having to leave their job because of the move, and not necessarily being able to get another one in their new location.  It is important for military families to realize they may not always have two incomes, and budget accordingly.