Do the spouses of troops on active military duty know they have a right to a lower interest rate?

The Soldiers and Sailors Act, which gives spouses of troops on active military duty the right to a lower interest rate.



You may need to ask for it.Do the spouses of troops on active military duty know they have a right to a lower interest rate?misleading. only applies to debt accrued prior to enlistment or activation. anything afterwards is subject to the regular interest rate even during deployment. ALSO any debt that is the spouses name ALONE does not qualify.



also, if you are in arrears..the Act does not cover it. you must be current on payments.Do the spouses of troops on active military duty know they have a right to a lower interest rate?I was told about it in Basic. I suppose if you go to the financial offices on base they would let you, but its not like they go around door to door just to inform you.Do the spouses of troops on active military duty know they have a right to a lower interest rate?This applies ONLY if the debts were incurred prior to enlistment or commissioning. For example, you buy a mobile home for $25,000 at 15% interest (quite common under Carter) then you join the Navy and find out you can not afford the interest rate. So you use the Soldiers and Sailors CIVIL Relief Act. (You are using the name of a prior bill). The lender MUST drop the interest rate to 6% for as long as you are in the service. (If your loan was already below 6%, they do not have to lower it at all.)



However, this does not apply to debts you incur after you joined. For example, you have a credit card with a 20% interest rate. You have $4000 debt on the card when you join the service. You invoke the Relief act and get your interest rate on that debt lowered to 6%. But then you go charge up another $6000 in debt. Since that debt was taken on after you joined, the 20% interest rate stands for the $6000.

Another example. You go buy a new car for $20,000 with a 8% interest rate. You are stuck with that also as you incurred the debt after you joined.



Do not think the Soldiers and Sailors CIVIL Relief act is the cure all that will save you. Any debt you run up after you join is locked in at the interest rate you agreed upon. So do not go using high interest credit cards or take out a high interest loan.