What happens when usury laws are eliminated by pay day Savings?
What happens when usury laws are eliminated by pay day Savings?
Predatory lending is seriously harming our military. A Defense
Department report issued last month found that as many as one in five
U.S. service members “are being preyed on by loan centers set up near
military bases,�which can charge annual interest rates of 400 percent
or more? Increasingly, soldiers have debt levels so high they are barred
from serving overseas; others suffer from “bankruptcies, divorces and
ruined careers�due to the strain and stress of debt. The Pentagon has
joined consumer, military, and veterans groups in backing a bipartisan
amendment from Sens. Jim Talent (R-MO) and Bill Nelson (D-FL) that
places a cap of 36 percent on high interest rates for short-term payday
loans to military members
- THE NATIONWIDE DEBT CRISIS: U.S. service members are not the only
Americans suffering from predatory lending abuses. As American Progress
analyst Almas Sayeed has written, the payday industry "has exploded in
the last decade, reporting $10 bill