- June 2, 2014
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The personal finances of service members are significantly weaker than the general population, according to a new survey by the National Foundation for Credit Counseling. In many cases, military personnel are approximately twice as likely to engage in risky financial practices, including carrying credit debt from month to month, taking a cash advance from a credit card and making less than the minimum payment in the past year. Overall, 77 percent of service members said they have financial worries, with 57 percent saying they are very worried about the potential loss of income and job security due to defense cuts and downsizing. The survey found that 55 percent of military personnel believe they are financially prepared to deal with an emergency, according to press release.