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The advantage of a Military Debt Consolidation Loan (MDCL) is that you typically pay a lower interest rate and closing costs than civilians and far less interest than you would trying to pay the same bills with credit cards.
These refinancing loans can be spread out over 10, 15 — and sometimes even 30 years — giving you a wide-range of repayment choices, depending upon which lender you use.
This means your home is acting as collateral and could be taken if you default on your mortgage.
Depending on the circumstances and amount of debt you owe, there are some other avenues for military members to get relief.
The VA is a guarantor for refinancing your loan, but the new loan value can’t exceed the appraised value of your home.
Also, there is a limit to how often you take out VA loans if you have trouble repaying them.
Other questions to ask should be whether there is a pre-payment penalty or if there is a balloon payment involved.
Be aware that you must also meet certain qualifications to help ensure that you can and will repay the loan.
Another option is to speak with a There are some distinct advantages to being a service member or vet when you are considering a consolidation loan to take care of debt, but there are also some aspects to research and think through before deciding.Among other things, the SCRA caps interest rates on credit cards and mortgages at 6%, prevents lenders from foreclosing on homes and allows military personnel to cancel leases without penalty.Still, the youth and financial inexperience of many members of the armed services — especially enlisted personnel — make dealing with debt a regrettable part of the experience.If your problem is confined to credit card debt, another option is to refinance credit card debt with a balance transfer to another credit card.Several banks and card companies are offering 0% interest on credit cards for as long as 18 months.