AICCCA Offers Tips To Those Financially Impacted by Military Base Closings
Fairfax, VA (May 19, 2005) —
Civilian employees, area businesses and entire communities brace for the financial impact of military base closings in their cities and towns. Some communities will lose thousands of jobs and tens of thousands of customers for local businesses.
"The financial impact on the communities that surround a military installation targeted for closure can be great," said David Jones, president, Association of Independent Consumer Credit Counseling Agencies. "It is important for those involved to begin planning now for the eventual closures."
AICCCA offers the following tips to help those whose finances will suffer due to military base closures.
Decrease expenses. Take a look at your monthly expenses and cut back to the bare necessities. Areas where you might be able to save are cell phone use, cable television, eating out and daily habits such as specialty coffee or cigarettes.
Save money. It will take some time before the base closures are complete. Take this time to save as much money as you can afford. Any extra money saved can be used to pay moving costs if you must relocate to find employment, help pay bills until you secure another job, or supplement income if you must take a job paying less than you were making in your previous position.
Pay down credit card debt. High interest credit card debt is something you want to pay down as quickly as possible, especially if you are only making minimum payments. Most banks will be increasing the minimum payment requirements by the end of 2005 making it more difficult to meet the payment for large balances.
Avoid extending income with credit cards. It is tempting to access your available credit to help extend your income, but it is an expensive way to do it. Instead, if you must borrow money to make ends meet, consider a personal loan, which should give you a better interest rate and a fixed payment.
Founded in 1993, Association of Independent Consumer Credit Counseling Agencies (AICCCA) is a national membership organization, established to promote quality and consistent delivery of credit counseling services. AICCCA and its members are focused on improved creditor relations, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management services to consumers with excessive unsecured debt. For more information or to contact an AICCCA member office call (800) 450-1794 or visit www.aiccca.org.
