VA Debt Relief Program for Veterans? Here’s Why Credit Card Debt Usually Won’t Be Forgiven
The Department of Veterans Affairs does not offer general debt relief for veterans’ credit cards or private loans, CBS News reported. Relief from the VA applies mainly to debts owed to the agency itself, such as benefit overpayments. Military families are more likely than civilians to carry high credit card balances, according to Armed Forces Bank. The Servicemembers Civil Relief Act caps interest on pre-service debts at 6% for active-duty members.