Monday, September 25, 2006

Payday Lenders Target Military

UNCG professor William Brown Jr. recently testified before the U.S. Senate banking committee in support of payday lenders that prey on military personnel. In many states, these lenders take advantage of men and women in uniform by charging rates exceeding 400% (NC rightly caps the rate at 36%).

These predatory loans frequently lead to deeper financial problems that cause military personnel to lose their security clearances, limiting their career progress and promotions. This, of course, just adds to their financial woes. To this, Dr. Brown says "You want to make sure you give people the ability to learn from their mistakes in some cases as well."

I will rely on Maj. Gen. Mike Lehnert, commander of Marine Corps Bases (West), who knows something about the destruction caused by payday lenders. He recently said "Let me be clear. Pay day lenders are not providing our Marines with a service. They are parasites, bottom feeders and scumbags."


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