The Emotional Toll of Debt on Veterans: A Study by National Debt Relief Reveals Grim Truths

More Painful Than Combat: Veterans' Struggles with Debt and PTSD

A recent study conducted by National Debt Relief, in collaboration with Wakefield Research, sheds light on the unsettling realities faced by veterans transitioning to civilian life. The survey, which engaged 1,000 U.S. veterans aged 21 and older, unveils that a staggering 91% feel that their financial burdens worsen their military-related PTSD. Such statistics underscore the financial and emotional toll that debt has on military personnel after their service.

Many veterans grapple with substantial debt, exacerbating the challenges that come with adjusting to life outside the military. The findings indicate that more than 90% of veterans carry some form of debt, with 72% specifically burdened by credit card debts. Alarmingly, one-third of veterans with such debts indicated they owe amounts exceeding $10,000. Additionally, medical expenses are a prominent source of financial strain for nearly 30% of veterans, a figure which jumps to 44% among those belonging to Gen Z and Millennial cohorts.

Financial struggles appear to manifest particularly acutely amongst younger veterans. The survey reveals that over half of young veterans with outstanding debts are still repaying amounts that were accrued while they were on duty. Moreover, many report complex feelings tied to financial pressures, with 35% of those holding medical debt expressing feelings of fear, confusion, or being overwhelmed by how to address their financial situation.

Financial stress is not only an economic issue; it profoundly impacts mental well-being. Close to 37% of veterans experience constant anxiety over bill payments, rising to 51% among veterans from the younger generations such as Millennials and Gen Z. This unsettling reality reveals how financial difficulties can compound issues of mental health, especially for those already battling the invisible wounds of PTSD.

The calls for increased awareness and support emphasize the need for better financial education and resources for veterans. Phillip Easton, the Managing Director of the American College of Financial Services’ Center for Military and Veterans Affairs, highlighted that many veterans endure emotional and financial hardships in silence, often leading them to make drastic choices such as forgoing meals just to manage expenses.

Additionally, the survey found that 43% of younger veterans faced delays of six months or longer in finding employment after leaving service, with 28% admitting they lacked the financial literacy to navigate their new circumstances successfully during that critical transition period.

Natalia Brown, Chief Compliance and Consumer Affairs Officer at National Debt Relief, emphasized the necessity for veterans to recognize that there are resources available to assist them in easing their financial distress. Debt relief options such as their debt settlement program aim to provide a faster route out of debt, allowing veterans to regain stability without facing bankruptcy.

Brown stated, "Debt isn't merely a financial issue; it is an emotional and psychological burden." The ongoing commitment of National Debt Relief is to facilitate veterans' journey toward financial resilience and support through proven solutions, affirming that no veteran should tackle these difficulties alone.

This study not only emphasizes the staggering intersection of mental health and financial burdens among veterans but also signifies a crucial call to action for increased awareness and awareness of available resources. With many veterans continuing to face struggles long after their service ends, understanding and addressing these issues is essential for fostering a healthier, more supportive transition back to civilian life.

For those seeking assistance, National Debt Relief is an established partner offering no-obligation consultations tailored specifically for individuals grappling with debt. More resources and information can be found at NationalDebtRelief.com or via their direct consultation line, 1-800-718-0487.