Survey: Marines struggling with finances

Falling home prices, rising energy costs and tougher access to credit have forced more Marines to pawn possessions and seek payday loans, desperate measures to stay financially solvent, according to a survey that polled 9,089 enlisted Marines and officers stationed at bases worldwide.


Survey: Marines struggling with finances
By Bryan Mitchell - Staff writer
Posted : Sunday Aug 31, 2008 16:31:54 EDT

Half of all Marines are struggling with their personal finances, according to a new survey conducted by the Corps’ inspector general’s office, a trend that worries some officials who fear that the jittery economy is further undermining readiness for a force already stressed by steady combat deployments.

“More people are feeling like they are struggling to keep their heads above water,” said Col. Adele Hodges, who led the survey. “We’re concerned that it might be the straw that broke the camel’s back.”

Falling home prices, rising energy costs and tougher access to credit have forced more Marines to pawn possessions and seek payday loans, desperate measures to stay financially solvent, according to the survey, which polled 9,089 enlisted Marines and officers stationed at bases worldwide.

“It looks like, overall, there is an increase in the number of individuals who are feeling the crunch,” Hodges said.

More than a quarter of enlisted Marines regretted taking on more debt and said they were denied credit in the past year. Roughly one in five said they had been contacted by a collection agency or were unable to make credit card, car or house payments.


Rest of article at: http://www.marinecorpstimes.com/news/2008/08/marine_finances_083108w/%2e

If so, they reap what they sow.