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“Militarily Speaking” is a podcast produced by Armed Forces Bank that is dedicated to the military lifestyle and all the things that makes military community who they are.
We — with guests like you — will help the military community not only navigate their finances but also military life. We chat about both good and bad financial practices and provide some insight along the way. We’ll share strategies to help people get ahead, discuss military benefits that members should take advantage of, and more – all working towards the goal of helping people become more financially independent.
On the show, we’ll also preview and talk about how to take advantage of military specific services, such as loans and mortgages, and help members prepare for important milestones such as PCS moves and the transition to civilian life. Finally, at the end of every episode, we have a bit of fun with our Military Minute. That guessing-game segment features military history, hobbies, a bit of pop culture. Correct guesses by listeners could result in a donation to charity of individual’s choice.
In this episode of “Militarily Speaking,” Tom and Jodi sit down with Bruce McClary, Senior Vice President of Media Relations and Membership at the National Foundation for Credit Counseling (NFCC), a prestigious organization dedicated to helping individuals manage their finances, build credit, and achieve their financial goals. Together they discuss the complexities of financial well-being, and dive deep into the current state of financial stress for military families and veterans.
“Militarily Speaking” is a podcast produced by Armed Forces Bank that is dedicated to the military lifestyle and all the things that makes the military community who they are.
Founded in 1951, NFCC is a cornerstone in the world of financial counseling. Bruce McClary explained their mission - promoting financial education and well-being. With a network of nonprofit agencies across all U.S. states and territories, NFCC offers a broad spectrum of services including credit counseling, debt management programs, homebuyer education, and financial coaching for small business owners.
Whether you are struggling with debt, looking to build credit, or simply seeking advice on managing your finances, the NFCC offers a range of services tailored to your needs. Bruce emphasized the importance of accessible financial services by mentioning that these services can be reached via NFCC.org.
Bruce delved into the NFCC’s Financial Stress Forecast and Debt Score, tools designed to gauge and predict consumer financial pressures. Over the past three years, the debt score has surged by 66.8%, indicating a sharp rise in financial stress. The current score sits on the cusp of Stage 6, "tightening the belt," implicating serious financial adjustments for many households.
Bruce explained that consumers are increasingly relying on credit to manage their expenses, leading to a ‘brick wall scenario’ where debt becomes unmanageable. The Financial Stress Forecast helps predict such crises, enabling timely intervention and assistance.
Financial challenges significantly affect military families. The NFCC has observed through its partnerships and surveys, including a Harris Poll, that financial uncertainty and strain are rampant among service members.
Military families often turn to non-traditional financial services like payday loans and cryptocurrency. Gig work is also common, with many military households supplementing income through side jobs. Financial discord is another prevalent issue, exacerbated by deployments and PCS moves which make it difficult for spouses to maintain consistent employment.
Bruce offered sage advice: proactive steps in seeking financial counseling can mitigate the impacts of financial stress, especially in military households where debt issues can affect security clearances and career advancement.
One of the standout features of the NFCC is its personalized approach to financial counseling. Bruce emphasized the importance of creating customized financial plans that address each individual's unique circumstances. The NFCC's experienced counselors work closely with clients to develop strategies that are practical and achievable, ensuring long-term financial stability.
In addition to personal counseling, the NFCC provides a wealth of educational resources and tools. Their user-friendly website is designed to help consumers navigate complex financial issues. From budgeting guides to debt reduction strategies, the NFCC equips individuals with the knowledge they need to make informed financial decisions.
Bruce highlighted the user-friendly website NFCC.org, which provides tools, educational resources, and direct connections to certified counselors ready to assist.
For more detailed information and to connect with a financial counselor, visit the National Foundation for Credit Counseling's website.
Jodi introduces the Military Minute segment of the show, beginning by closing out last episode’s Military Minute.
Tom closes the episode by asking listeners to go to www.afbank.com and subscribe to the show, as well as leave a rating and comment on your favorite podcast platform such as Apple Podcasts or Spotify.
Join us to hear how to better navigate your finances, military life, and the crossroads of the two.
Visit www.afbank.com