Surviving Debt: Interest Rate Reduction for Members of the Military on Active Duty
While you are on active duty in the military, you should only pay 6% interest on your credit cards for those card charges that you, your spouse, or your dependent incurred before you entered active duty. Since credit card interest rates are typically several times this amount, this can result in you saving thousands of dollars if your card balance was high enough when you entered active duty and if you were slow in paying that amount off. Any higher interest rate assessed against you while you are on active duty that should have been assessed at 6% must be credited back to you.