Military targets payday lenders
Military targets payday lenders
By Eric Engleman
Puget Sound Business Journal (Seattle)
Updated: 7:00 p.m. ET Nov. 27, 2005
U.S. Navy leaders in the Puget Sound region are regrouping for a second attempt to persuade state lawmakers to restrict payday loans.
A top Navy official testified during the last legislative session that payday loans -- short-term cash advances typically made at high interest rates -- ensnare young sailors in a dangerous cycle of debt that can harm their combat readiness. A raft of bills was introduced in the House and Senate that would have curtailed payday loans, but only one passed. Critics said the lone bill, which essentially codified the payday industry's "best practices" for lending to military personnel, was weak and ineffective.
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By Eric Engleman
Puget Sound Business Journal (Seattle)
Updated: 7:00 p.m. ET Nov. 27, 2005
U.S. Navy leaders in the Puget Sound region are regrouping for a second attempt to persuade state lawmakers to restrict payday loans.
A top Navy official testified during the last legislative session that payday loans -- short-term cash advances typically made at high interest rates -- ensnare young sailors in a dangerous cycle of debt that can harm their combat readiness. A raft of bills was introduced in the House and Senate that would have curtailed payday loans, but only one passed. Critics said the lone bill, which essentially codified the payday industry's "best practices" for lending to military personnel, was weak and ineffective.
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