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RELIGION, CURRENT EVENTS, TECHNOLOGY Subscribe to the breaking newsWhat is RSS?
FRONT PAGE  |  3/5/2015
MONDAY, MAY 20, 2013  |  1 comments
Payday lenders skirt military law
Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding 400 percent.

The Military Lending Act sought to protect service members and their families from predatory loans. But in practice, the law has defined the types of covered loans so narrowly that it’s been all too easy for lenders to circumvent it.

“We have to revisit this,” said Sen. Dick Durbin, D-Ill., who chairs the defense appropriations subcommittee and is the Senate’s second-ranking Democrat. “If we’re serious about protecting military families from exploitation, this law has to be a lot tighter.” ...


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seattletimes.com

Advice For Hopelessly In Debt?
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· Page 1 ·  Found: 1 user comment(s)
News Item5/20/13 4:34 PM
Kat | USA  Contact via emailFind all comments by Kat
So just military families? Very shortsighted!
1
There are a total of 1 user comments displayed | add new comment |Subscribe to these comments
Last PostTotal
Is It Wrong for a Christian to Attend a Gay Wedding?
john uk from wales: " john yurich usa absolutely not. i would never attend a..."
-8 sec 
Discovery of Spurgeon's Psalter a 'treasure'
john uk from wales: "they nick london bridge, now they've got spurgeon's psalter...."
-3 min 
Megachurch Pastor Goes Missing in North Korea
john uk from wales: "could have me, eh, frank?"
-5 min 


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