This story appeared in Bank Digest.
Noting that the CFPB’s Office of Servicemember Affairs’ has engaged with military families throughout the country and even the world” over the past eight years and that its members” have heard lots of barracks rumors and scuttlebutt,” a Bureau blog post addresses five myths in the military community regarding personal finance. The five myths the post discusses are: (1) credit card companies are required to waive annual fees for servicemembers; (2) the Servicemembers Civil Relief Act only helps servicemembers by lowering interest rates; (3) the Military Lending Act doesn’t protect servicemembers’ spouses or dependent children; (4) servicemembers need to pay someone to help them with their financial issues; and (5) financial issues are too complicated for the average person.