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Soldiers' and Sailors' Civil Relief Act of 1940 Financial help for the military, including National Guard members and reservists called up for active duty, is available through the Soldiers and Sailors Civil Relief Act of 1940. The act entitles service members to reduced interest rates on mortgages and credit card debt, protection from eviction if monthly rent is $1,200 or less, and delay of civil actions, such as bankruptcy and foreclosure. One of the most significant provisions under the act limits the amount of interest that may be collected on debts of persons in military service to 6 percent per year during the period of military service. This provision applies to all debts incurred prior to the commencement of active duty and includes interest on credit card debt, mortgages, car loans and other debts. The provision applies to pre-service debts, and the interest rate reduction doesn't occur automatically — service members must request it Service members must contact their unit or installation legal assistance office for this benefit. Or for more information: |
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