A recent survey conducted by the Investor Education Foundation of the Financial Industry Regulatory Authority indicates that military personnel and their families are more likely to rack up credit card debt than civilians, reports The Washington Post.
In total, 700 U.S. armed service members and 100 spouses of military members were interviewed for the survey. Results show that more than a quarter of respondents hold over $10,000 in credit card debt.
A shocking 10 percent of those surveyed are holding $20,000 or more debt from credit cards. More than a third of the U.S. service members who took part in the study stated that they have difficulty paying their monthly bills on time.
"Being in the military may be a secure job, but for many the paycheck is small," Holly Petraeus, wife of General David Petraeus, told the news source. "It's not hard to end up with 'more month than money,' especially if you are young and have little experience of managing finances."
According to MSNBC, those who want to overcome their credit card debt quickly should stop using plastic when making purchases altogether, and create a budget to assist with money management.