It should be fair to say that I have the requisite credentials to build around this somewhat aggressive headline, More than enough, actually, being a Navy veteran, a former executive in the debt collections industry (three decades-plus), and an activist journalist (former Navy Journalist and active member of the 1,200-plus-strong Military Veterans in Journalism).

But that won’t mean a thing, won’t remedy the little-understood role of conjoined veteran debt and veteran suicide, unless you read this article and share it! Nothing catches the attention of any industry more than an article that circulates widely and portrays them in a less-than-admirable light. 

What works even better is putting this knowledge to work in your own city/town/state. Share it widely with organizations and charities that focus on reducing suicide, be it civilian or veteran. 

So, in no order of importance – they are all important – let’s explore.

#1. Debt collectors, in and of themselves, contribute to veteran (and civilian) suicides according to recent studies. Debt-related stressors from events like job loss, home foreclosure, and relentless creditor pursuit are major contributors to veterans killing themselves at the rate of 44 per day – 60% higher than that of civilians.

Although suicide exists in both communities, mental health disparities between veterans and civilians continue to widen. The suicide rate among women veterans is 92% higher than that of non-veteran women. For male veterans, the rate is almost 60% higher. These gaps demand continued focus.

This failure by the VA to make a dent in these statistics has finally begun to create a national discourse. On its part, End Veteran Debt (EVD) delivered an impactful micro-summit on this subject at New York’s Fordham University on September 9 of this year, and most recently was honored with an invitation to be on the Financial Working Group of the nationally-respected Face The Fight consortium. Look into it.

#2. Placing, or keeping veteran debt – even medical – on credit reports.

When issues with credit reporting, debt collection, or medical billing are not appropriately resolved, the consequences for servicemembers and military families can include loss of housing, separation from service, denial of security clearances, or inability to obtain employment. 

In 2021, servicemembers submitted more than 17,000 credit or consumer reporting complaints to the CFPB, making it the top topic for complaint far surpassing those of civilians.

#3. Collecting for corrupt or predatory lenders.

Department of Defense studies found that soldiers, sailors and aviators are as many as four times more likely to be victims of payday lenders, and these lenders cluster around military bases. 

Research examining 20 states, 1,516 counties, 13,253 ZIP codes, nearly 15,000 payday lenders, and 109 military bases consistently found high concentrations of payday lending businesses in counties, zip codes, and neighborhoods in close proximity to military bases. 

Payday lenders typically charge fees equal to 400% APR and even higher, and about 75% of payday loan customers are unable to repay their loans within two weeks, forcing them to get loan "rollovers" with larger loans and higher fees and interest rates. 

For collection agencies and debt buyers, it’s just one more profit center

#4. Not having an Ombudsman.

Decades ago, as a consultant to the collections industry, I practically begged the powers at that time to create an industry ombudsman. After all, unresolved complaints against the industry’s practice resulted in the creation of the Fair Debt Collections Practices Act (FDCPA), which proved incredibly unpopular for them. To quote the famous lyricist, “they didn’t listen, they did not know how. Perhaps they’ll listen now.”

#5. Supporting the dismantling of the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau has protected thousands of military members, families and veterans from predatory lenders, effectively enforced the 36% rate cap on loans to service members and their families stipulated by the Military Lending Act, and recouped millions of dollars for veterans who were victims of fraud.

The cost-cutting geniuses at the Trump Administration gutted the watchdog agency this year, slashing staff and halting much of the work. With no CFPB watching their conduct anymore, what could go wrong?

#6. Reluctance to be part of the solution.

Every industry loves to police itself. Using the “bad apple” mantra, the collection industry congratulates itself for bringing lost dollars back into its clients’ pockets while bemoaning the fact that others not so law-abiding or ethical – easily identified – are giving them a bad name. Then why aren’t you working with the CFPB and consumer groups to identify and exorcise these demons?

In my personal experience of co-founding RIP Medical Debt, which to date has abolished over $20B in medical debt for more than 13M Americans, we were met with extreme resistance – a number of the largest debt buyers in the US refused to sell us medical debt so that we could forgive it. That has largely turned around, but has taken a decade,

#7. Not making uncollectible veteran debt available for forgiveness or erasure.

The CFPB recently noted that the VA reported $382 million in outstanding medical care debt, and that debt collection activities would impact approximately 875,000 veterans with pre-pandemic debt. Exactly what would be the negative mental health impact of turning the VA’s debt collection team onto these people? Institution, heal thyself.

When RIP’s co-founder, Craig Antico (now founder of ForgiveCo, EVD’s vector in locating and purchasing debt to be erased), traveled with me to meet with a House subcommittee on veteran health, we both got a shock.

We went there to discover why, in the millions of dollars in medical debt that we were purchasing at the time (circa 2017), we were finding veteran medical debt. How could that be? We were politely informed that VA healthcare is “discretionary” and that patient claims reviewed did not meet the VA qualifications; they were denied.

“How much has this added up to?’ we asked.

“Over $6B,” they answered. 

Getting out of Purgatory

Consider this to be the opening article of a series that will provide remedies for these ills. I invite you to become informed by clicking here to subscribe to our online Now Hear This media center and receive a monthly newsletter.

More importantly, here’s a SAVE-THE-DATE announcement. EVD will present a first-ever, full-day national summit, “Erase Veteran Debt – End Veteran Suicide” in NYC on Monday, November 24, 2025. Click here for pre-registration details.