Some members wonder whether they qualify for lower interest rates on debts they acquired before entering military service. Here are the facts:
 
The Soldiers and Sailors Civil Relief Act (SSCRA) is covered in 50 USCS, Appendix 562. It states that a person with debts at interest rates higher than 6 percent before entering military service may qualify to have the rate reduced to 6 percent—unless, in the opinion of the court, his or her abilityto pay has not been affected by entering the military. The act generally applies to "persons in military service" and also offers some protection to their dependents and to a person who may have co-signed or guaranteed a note for a service member. The rationale behind the act is to "lessen liabilities" so that people serving in the military can devote their energy to the defense needs of the nation. It’s important to know that the SSCRA applies only to higher interest debts incurred before you entered the military. The act does not apply to debts incurred after you entered military service.

If you have higher interest debts incurred before you entered the military, the first step is to send a letter to your creditors. Send a copy of the Order and request that they apply the Soldiers and Sailors Act by reducing the interest rate on your debt to 6 percent. In most cases, your request will be honored. If you have questions or need help, contact your legal representative or call the Fort Bragg FCU Loan or Collection Department at 910-864-2232.