Support the Troops; Stop the Loan Sharks
Our friends at the Center for Responsible Lending have put out an alert about a growing threat to military families: payday lenders who gouge them with exhorbitant rates and fees. Here are the stats from their new report (pdf):
According to the Center, "Dole's amendment would limit annual interest rates to 36 percent for loans made to military families. Such action is crucial at at time when our service members are being exploited with loans at annual rates of 400 percent and higher."
Visit here to send a letter to your elected officials.
*** Active-duty military personnel are 3 times more likely than civilians to have taken out a payday loanThere's a bi-partisan effort to rein in the new loan sharks. North Carolina Republican Sen. Elizabeth Dole, along with Richard Durbin (D-IL), Bill Nelson (D-FL), Jim Talent (R-MO), and Tom Harkin (D-IA), has introduced an amendment to the Defense Authorization Act designed to protect military families from these lending abuses.
*** One in five active-duty military personnel were payday borrowers last year.
*** Predatory payday lending costs military families over $80 million in abusive fees every year.
According to the Center, "Dole's amendment would limit annual interest rates to 36 percent for loans made to military families. Such action is crucial at at time when our service members are being exploited with loans at annual rates of 400 percent and higher."
Visit here to send a letter to your elected officials.
4 Comments:
And don't forget the bankruptcy bill, which goes into effect next week. Will be great for all those military families that have loaded up on debt thanks to the war.
"Dole's amendment would limit annual interest rates to 36 percent for loans made to military families."
36%, are they crazy.
Yeah mpower -- what else are they going to ask for? An end to back alley arm-breaking when you get behind on the bills? This is asking way too much.
I'd like to see extensive public disclosure of those who own or invest in these places. There might be some roaches scattering when the lights go on.
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