Military debt relief for active-duty and veteran service members is about more than helping patriots with their financial burdens: It’s our way of honoring patriots for their sacrifices made.
For active-duty military personnel: Debt Reduction Services/MoneyFit will waive all fees, including the monthly maintenance fee, once your active-duty status has been verified.
For veteran debt consolidation: We offer a 50% reduction in our enrollment fee upon proof of your duty.
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Reaching service members everywhere: We can help in all 50 states and all military bases worldwide.
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Lowering recurring fees: We work to reduce your monthly payments by up to 50%, making it more manageable for you to meet your financial obligations.
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Reducing interest rates: We strive to reduce interest rates by up to 75% through negotiations with your creditors.
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Eliminating additional fees: We work to put an end to late fees and over-limit charges that can further burden your finances.
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Ceasing collection calls: We understand the stress that comes with constant collection calls. Our services aim to put an end to those calls, allowing you to focus on resolving your debts in a more structured and manageable manner.
Our veteran and military debt relief services exemplify our gratitude for everything you do for our country.
Get a FREE Debt Counseling & Consolidation Session
There is ZERO cost or obligation to you, and may improve your credit score over the duration of the program.
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Creditors We Negotiate with On Your Behalf
Debt Reduction Services’s program is not a loan that replaces your existing debts with a new one. We’re here to act as your advocate and negotiate with your creditors on your behalf.
We understand the unique financial challenges faced by military personnel, and we are here to help. Debt Reduction Services/MoneyFit military debt counseling and debt consolidation services are designed to assist active-duty enlisted personnel and veterans in managing their debt effectively.
Our experienced credit counselors are well-versed in the specific financial circumstances of military life, including frequent relocations, housing allowances, and other military-related expenses. We offer personalized guidance and support tailored to your individual situation.
Debt Relief for Military Veterans
As an organization, Debt Reduction Services/Moneyfit recognizes and appreciates the multitude of sacrifices made by our service members, including the significant financial challenges that come with frequent relocation, the heightened demand for childcare, and the difficulty in bridging the gap between rent and housing allowances.
According to the latest military survey, 20% of military families carry credit card debts exceeding $10,000, while 10% of homeowners find themselves in negative equity positions. These financial concerns have been identified as the second leading cause of stress among military personnel during their service.
Let Us Help You with Military Debt Relief
We are committed to providing assistance for military members. This applies to both active-duty enlisted personnel and veterans.
We are passionate about providing veteran debt relief and military debt consolidation assistance to as many individuals and families as we can. To verify active status, Debt Reduction Services will utilize an online verification process.
You can expect top-notch service from the outset of the consultation process. Our Credit Counselors hold third-party certification, as mandated by our nonprofit status.
Debt Reduction Services, Inc. was established with a core focus on delivering exceptional customer service and placing our clients’ well-being at the forefront of our mutual success. We have developed a business model that adheres to the highest standards of customer care.
My Life My Choices™ Military Transition edition offers active-duty service members a risk-free opportunity to practice their financial transition to civilian life, ensuring they are well-prepared for the changes ahead. Get started now, click here.
We’re Committed to Supporting You
We want to express our deepest gratitude for your continued service. Please don’t hesitate to contact us immediately at 1-866-688-3328 to speak with a counselor. Alternatively, you can submit your information online, and a certified credit counselor will reach out to you within 24 hours.
We are a nonprofit credit counseling organization, and are wholeheartedly committed to supporting America’s Service Men and Women. We sincerely appreciate your tireless dedication in ensuring a safer world for all.
With utmost sincerity,
The Team at Debt Reduction Services/MoneyFit
Debt Consolidation Frequently Asked Questions
Does debt relief hurt your credit?
Participating in a Debt Management Program (DMP) in order to consolidate your debt does not directly impact your credit score. Working with a credit counselor is not something that is included in your FICO score.
However, your current creditors may make a temporary note on your credit report. This informs other creditors of your attempt to repay your debt and discourages them from issuing you any new accounts, lines of credit, or loans that may detract from your efforts. Once completing the Debt Management Program, the creditor is required to remove the note.
Other debt relief programs may negatively affect your credit by requiring you to take out a loan or make a hard credit check. Our Debt Management Program avoids this by working with your current creditors and helping you consolidate your payments into one monthly payment. Because of this, you don’t need a good credit score to enroll in our program.
If you or your credit counseling agency close any credit accounts while enrolled in a Debt Management Program, it could lead to a short-term drop in your credit score. This is due to a change in the ratio of your current outstanding balance to your available credit limit. This dip should be quickly recovered as long as you continuously make on-time payments. Making these on-time payments helps lower the debt you owe monthly.
Therefore, when you consider the best path to take, it’s important to understand that a military debt consolidation plan may cause a minor drop in your credit score in the short-term, but participating in a DMP helps you establish a consistent record of paying down your debt, which should improve your score over the long-term.
How can veterans get out of debt?
Military personnel struggling with debt should start the process of financial recovery by consulting with a certified credit counselor specializing in military debt relief.
Our credit counselors understand the unique struggles that veterans, military personnel, and military families face. Your counselor will also work to understand your unique financial challenges and can review data about your income, expenses, assets, and liabilities to understand your financial status.
Talking to one of our certified debt relief counselors is free for the first session and will lay out your best options for how to proceed.
Your counselor may recommend a Debt Management Program (DMP) to consolidate unsecured debts like credit cards or personal loans into a single monthly payment after helping you negotiate the terms of those debts. This program often helps veterans save as much as 50% off monthly payments and lower interest rates by as much as 75%.
Following a DMP and developing responsible financial habits can help you become debt-free in five years or even less.
Am I eligible for veteran debt consolidation?
A Debt Management Program (DMP) is designed to help military personnel who are struggling to pay off their debts, facing high-interest rates on credit cards, or feeling unable to keep track of all their debt. They may have taken out loans to make ends meet, only to find that they can now not keep up with loan payments.
Typically, a DMP can help with each individual’s circumstances to resolve late payments on unsecured debts like:
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- Credit cards
- Payday loans
- Medical debt
- Debt in collections
If an individual is looking for a solution for their secured debts, such as a mortgage, a car loan, or other loans backed by collateral, they won’t be able to get debt consolidation through a DMP.
A DMP is not for someone who cannot pay the monthly payments negotiated through a DMP, especially if they don’t have a steady income to ensure that payments are made regularly.
