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Interest Rates
Posted : Thursday Nov 30, 2006 18:46:17 EST
Before entering active duty, service members who incurred a loan or obligation — including credit cards and mortgages — with an annual interest rate of more than 6 percent can petition the lender and have the rate dropped to 6 percent for the period of duty.
This isn’t automatic. Reservists should call their creditors and explain the situation. In most cases, writing a letter and including a copy of military orders are all that is needed.
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