Types of Accounts Covered by SCRA

Many people I've talked to seem to think that SCRA benefits apply only to auto loans or credit cards. However, SCRA protections cover a wide range of financial obligations. Here's a quick list to keep you informed:

• Mortgages: Interest rates capped at 6% for pre-service obligations.
• Credit Cards: Same 6% interest rate cap on debts incurred before active duty.
• Auto Loans: Pre-service auto loans also benefit from the 6% interest cap.
• Personal Loans: Any personal loans taken out before active duty get the interest rate reduction.
• Student Loans: Both federal and private student loans fall under SCRA protections.
• Lines of Credit: Personal lines of credit are included in the interest rate cap.
• Rental Agreements: Allows for termination of leases without penalty due to PCS or deployment.
• Insurance Policies: Some insurance policies are protected from cancellation for non-payment.
• Civil Court Proceedings: Provides stays of proceedings for cases like bankruptcy and divorce.
  
  There’s a lot more to SCRA than just auto loans and credit cards! Make sure to take full advantage of these benefits.