Rate Reduction for Military

The Servicemembers Civil Relief Act provides members of the military with special protection that caps the interest rate on their credit cards, mortgages and other loans at 6% while they are on active duty. To be eligible for the interest limits, you must have incurred the debts before you entered active duty, and your military service must affect your ability to repay them. Although people who took a pay cut to join the military can benefit from the law, it is most helpful for members of the Reserves and National Guard, who often must leave higher-paying civilian jobs for months, or even years, when called up. (Credit cards, mortgages and other loans taken out jointly with a non-military spouse also qualify for the rate reduction.)

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