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Missouri Vet and VA Loans Offers Excellent Credit Repair Opportunities for Veterans

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Missouri Vet and VA Loans provides veterans and servicemembers with numerous credit repair options to help them get their finances back on track.

ST. LOUIS - eTradeWire -- Many servicemembers and veterans work hard to keep their finances in good standing, but sometimes unavoidable events can have a negative effect on their credit histories. Missouri Vet and VA Loans, located in St. Louis, provides Missouri-area veterans and servicemembers with several credit repair opportunities designed to help them get back on track.

The average servicemember or veteran who seeks credit counseling or debt consolidation services has about $10,000 in debt according to the National Foundation for Credit Counseling. What's more, surveys have found that roughly 60% of these same individuals rely on expensive payday loans just to stay afloat. The United States Department of Defense suggests that most veterans not only create and use a monthly budget, but also check their credit and save about three months' worth of income for a rainy day. This is a great indicator that veterans care about their finances despite the fact that they struggle with insurmountable debt.

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Missouri Vet and VA Loans provides a number of services designed specifically to help Missouri veterans and servicemembers repair their credit. The two most important services they provide are access to the Military Debt Consolidation Loan (MDCL) and credit counseling.

The MDCL is a great option for servicemembers and veterans who struggle to pay off debt. This is especially true for those who have high-interest credit card debt or other loans with high APRs. The MDCL is a lump-sum loan designed to allow veterans to pay these debts all at once, then make a single payment to the lender. Not only does this stop any kind of collection efforts, but it can also save you a great deal of money in the form of interest.

Some veterans have successfully utilized MDCLs to refinance their homes and utilize the remaining funds for other debts. As an example, if a veteran's home is worth $100,000 and she owes $85,000, taking out a loan for the full value of the home frees up an additional $15,000 that can be utilized to pay off credit cards or other high-interest debts.

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Before a servicemember or veteran jumps into an MDCL, he or she should first consult with a professional credit counselor at Missouri Vet and VA Loans. These individuals are experts in their fields, and they have helped hundreds of veterans across the state of Missouri develop debt management programs for credit repair. The team can also recommend credit cards with an introductory 0% interest rate on balance transfers.

Missouri Vet and VA Loans

Source: Missouri Vet and VA Loans
Filed Under: Finance

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