Thank You for Your Service! CCCS Expands Military Financial Awareness through Hands On Banking

Earlier this month we celebrated Veteran’s Day, and November is also Military Family Appreciation Month? However, local nonprofit Consumer Credit Counseling Service of Maryland and Delaware (CCCS) believes U.S. service members, veterans, and their families deserve our gratitude and recognition 365 days a year. CCCS Executive Vice President Lori Jankalski says, “Service members and vets have put their lives on the line so that we can be safe and secure. Their families put their lives on hold and make countless personal sacrifices. For this dedication, they deserve our respect and support year round.”

In the past few years, service members and their families have faced challenges that go beyond the battlefield. Frequent relocations and the effects of sequestration have left them financially vulnerable. In a National Foundation for Credit Counseling (NFCC) survey conducted earlier this year, 57% of the active service members polled said they were “very worried about the potential loss of income and job security resulting from defense cuts and downsizing.”

Jankalski says that service members and veterans have unique financial needs and concerns. “Enlisted service members often find themselves living paycheck-to-paycheck. A recent survey showed that almost half their families qualify for food assistance. Predatory lenders like payday loan companies often prey on them. When service members are deployed or relocated, they have to find extra money to cover unexpected costs such as temporary housing. As a result, many end up living on credit or in serious debt.”

CCCS Director of Counseling and Client Services Nina Heck says the downsizing of the military has led to new financial pressures. “Soldiers who joined the Armed Forces thinking it would be a lifelong career now find themselves preparing for early discharge. With less benefits and resources than previous generations, they lose sleep wondering how they will feed their families if they aren’t able to find a civilian job.”

CCCS is committed to helping service members, veterans, and their families address these financial concerns. Heck says, “During the almost 30 years I’ve worked here, we have always focused on the economic needs of service members. We’re committed to helping them become more financially secure. That’s why we recently became involved in the Hands On Banking initiative. It’s a formal program to help members of the Armed Services build personal finance skills, so they can survive the disruptions of deployment and reentry into the civilian workforce.”

Hands On Banking is sponsored by Wells Fargo and features a multi-pronged approach. Service members, veterans, and their families may receive financial counseling, attend money management workshops, and access a wealth of additional resources online -- all at no charge.

CCCS’s financial counseling provides service members and vets with a foundation for building better money management skills and dealing with debt. Heck notes, “One of the biggest benefits we offer is a financial inventory. Our counselors are trained to help clients review their income, expenses, and liabilities. Based on this assessment, service members learn exactly how much money is needed to keep their bills paid. We also show them ways to reduce costs and start to save. This type of planning is especially important if they hope to successfully relocate or transition into civilian life.”

Heck says CCCS’s debt management program is often an excellent alternative for those who owe too much. “When service members take on too much debt, this can affect their career, because it affects their security clearance. Enrolling in a formal debt management program can help them solve this problem. It provides them with a practical way to repay what they owe and show their higher ups they’re serious about getting their personal debt under control.”

CCCS also offers free money management workshops through Hands On Banking. Jankalski says, “We present educational seminars at military organizations throughout Maryland and Delaware. For example, we work with Andrews and Dover Air Bases, Curtis Bay Coast Guard Yard, and the Maryland Center for Veterans Education and Training. We strive to tailor each presentation to the individual needs of the organization we’re serving.” The range of topics the agency covers varies from organization-to-organization. Some groups request a single workshop on a specific financial topic, such as understanding credit reports and credit scores. Others request the entire Hands On financial education curriculum, which includes everything from basic banking services to using credit wisely to buying a home.

Jankalski says she also enjoys the diversity of Hands On audiences she’s met. “In some cases, the workshop may only be open to a select group of soldiers or vets. These service members often have developed a close-knit comradery based on their shared experience.” In other settings, service members’ partners and older children are invited to attend the workshop. Jankalski believes this is a useful approach. “When the family receives all the same information, they’re better prepared to deal with changes and concerns. Being on the same page also makes it easier for them to pull together and achieve financial goals.”

As part of the Hands On Banking initiative, service members, veterans, and their families also have access to free online financial education resources. The Hands On Banking website offers a wide range of online courses for people of all ages. The CCCS website also contains self-paced financial and housing education courses, podcasts, and calculators.

Heck says, “The more military members and their families learn, the better prepared they’ll be to meet and weather upcoming changes. Through Hands On Banking, our goal is to provide them with the tools they need to succeed!”

Financial counseling sessions can take place in person or by phone and are completely confidential. If you belong to a military organization and would like to schedule a Hands On workshop, please contact Lori Jankalski at ljankalski@cccs-inc.org today.

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling. CCCS MD State License #14-01