Email   Print   Share By Rachel Parks, Sentinel Staff

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Gary Tidwell, vice president of military financial education and international outreach for the FINRA Investor Education Foundation, spoke to a large group of Soldiers and family members about debt management on July 20. Rachel Parks, Sentinel Staff

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Soldiers and family members took advantage of a free seminar July 20 designed to help them pay off their debts and start saving and investing money.

Gary Tidwell, vice president for the military financial education and international outreach of the Financial Industry Regulatory Authority, gave the large crowd at Club Hood some helpful tips to retire debt.

“Things may look bad, things may look insurmountable, but there’s a way out with a plan,” Tidwell said.

He encouraged those in attendance to take the initiative and pay off their debts before they start to take on a life of their own.

“The three words I try to live by are ‘Do it now,’ and that’s what I would say concerning your debt,” he said.

Tidwell spent the afternoon speaking about a variety of topics, including how credit scores are determined, the best ways to budget, how to create a plan for debt management and the different types of savings and investment options available.

Sergeant First Class Tamara Drury, command financial specialist and family advocacy specialist with 3rd Armored Cavalry Regiment, Regimental Support Squadron, said the event was a good starting point for Soldiers struggling with debt.

“We basically just want to educate the Soldiers about getting out of debt. We see people who get out of the military after ten, fifteen, twenty years with nothing to show for it because they’ve never been taught how to manage their money,” she said.

Melody Squires, financial readiness specialist with Army Community Service, said the key to keeping Soldiers out of debt is helping them learn about money management, and saving and investing, sooner rather than later.

“We try to be proactive. We want the Soldiers to know we are more than just the Army Emergency Relief loan. We try to encourage counseling and education to stop debt behavior. We want to keep Soldiers out of the cycle of debt,” she said.

Squires said she hoped that Soldiers continue to take advantage of free services like the seminar or counseling services provided by ACS. Some of those services include one-on-one budget counseling and credit reviews.

Drury said Soldiers and family members occasionally get into financial trouble because they believe everyone has their best interest at heart. She stressed that not all businesses are reputable and some prey on younger Soldiers who are inexperienced with money management.

“Did you know that the average interest rate for a car loan in this area is 18.5 percent?” Drury asked.

She said that when Soldiers have trouble making payments because of a high rate, the loan is usually extended, which lowers the monthly payment but can hurt the buyer in the long run.

Both Drury and Squires said Soldiers seem to be taking advantage of free financial services offered by the Army, when they know about them.

“It’s all about making them aware of these things and getting the commanders to let them come,” Squires said. “There is a high operations tempo and sometimes the Soldier won’t ask for time off.”

Drury said if Soldiers or their family members are having financial difficulties they should speak to financial specialists in their unit or at ACS.

“We don’t just want to put a band-aid on the behavior, we want to correct it,” she said.

For more information about getting out of debt or saving or investing, servicemembers and their families can visit www.saveandinvest.org.