Ellsworth Airmen participate in finance town hall May 30

  • Published
  • By Airman 1st Class Hrair H. Palyan
  • 28th Bomb Wing Public Affairs
ELLSWORTH AIR FORCE BASE, S.D. --  It has been said that knowledge is power. For Ellsworth Airmen, the power they received during a recent briefing will help them to be more aware of the dangers of predatory lending organizations and a variety of similar financial pitfalls.

Holly Petraeus, the Consumer Financial Protection Bureau Office of Servicemember Affairs director, hosted the town hall meeting alongside U.S. Senator Tim Johnson May 30, at the base theater.

"We're here to tell Airmen about the CFPB and what we can do for them," Petraeus said. "Our goal is to not only help educate Airmen about predatory lending practices and a variety of financial hardships, but to also find out what other financial issues they face so we can address them."

The CFPB works to educate and empower servicemembers and their families, and serves as a resource to help them deal with lenders or difficult financial situations.

She noted that Airmen are targeted by scam artists because they make a steady paycheck, adding that it's important to be aware of scams that are out there and what red flags to look for to avoid falling victim to them.

"Servicemembers face unique challenges - deployments, relocations and countless others," said Petraeus. "For example, a lot of servicemembers purchase homes that eventually lose value in today's real estate market. When they move, they're forced to sell their homes, and that, in return, leaves them in debt."

She added that understanding issues unique to the military is critical and the intent of briefings like that conducted at Ellsworth.

The CFPB offers a variety of free resources and assistance to Airmen and their families, including emergency assistance for servicemembers, support for military spouses, legal assistance and money management and savings.

A wide range of support and resources related to financial management is available at the base Airmen and Family Readiness Center.

Daphne Perez, A+FRC community readiness consultant, said that education is important for Airmen who want to make good financial decisions. She added that the A+FRC offers a variety of financial courses, including a basic introductory course for Airmen who want to manage their money better, and a detailed course for Airmen who are preparing to buy a home.

For financial assistance and resources, visit www.consumerfinance.gov/servicemembers, or call the Airman and Family Readiness Center at (605) 385-4663.