Frank Molinar

speaker

111 appearances 1 recordings 1 series first heard Nov 2021 last heard Nov 2021

Frank Molinar’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Veterans Face Steep Financial Challenges When They Return Home · 10 Nov 2021 podcast

They're unique to service members in several ways.

You'll see this in the statistics that play out.

Service members routinely have a divorce rate that's 30% higher than the civilian population.

They have a rate of suicide that is 70% higher than the civilian population.

And homelessness is 50% higher.

So they play out multiple ways.

Not that all of those are related to finances, but finance touches all of them.

and certainly makes them either worse, aggravating, or easier to manage if they have their monies in line.

It's also not well known, JR, that the military and veteran demographic, they are a targeted audience.

They're the most targeted audience for predatory scams, predatory loans.

Only seniors are the only other age group that is targeted more frequently than the military.

And part of that is because if a soldier or sailor falls behind, a lender can call, a collection agency can call the chain of command and get that service member in trouble.

And if that gets out of hand, that can lead to their security clearances being in jeopardy, which can lead to their job and their livelihood in jeopardy.

It is no different.

In fact, it might be worse.

I haven't seen the comparables of percentage of debt for the service members or veterans versus civilians.

But I can tell you from personal experience, they tend to have maxed out most of their credit cards.

And it's not just the credit cards, but it's these consolidation loans because you get a few credit cards out of control.

Then you take a consolidation loan to bring the payment back down.

And then because your credit cards are now at a zero balance, bad habits come back and raise those balances back up.

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