What is the Soldiers and Sailors Civil Relief Act?
The Soldiers’ and Sailors’ Civil Relief Act (SSCRA) was passed by Congress in 1940. While the act provides certain protections to all service members, the act details specific benefits to individuals called to active duty in the U.S. Armed Forces. Reservist and National Guard members (when in active federal service) are also protected under the SSCRA. The protection begins on the date the soldier entered active duty service and terminates upon release from active duty. How do I know if I qualify for relief under the SSCRA? Under the provisions of the SSCRA, service members may qualify for reduced interest rates on credit cards, installment loans, and mortgage loans if the service member’s military obligation has affected his/her ability to pay their financial debts. For the duration of the service member’s military obligation, the interest rate will be capped at 6%. What type of debt is eligible for reduced interest rates? The following conditions must be met for a financial obligation
