New Enemy For U.S. Troops: Debt

[54anickel]

http://www.cbsnews.com/stories/2003/12/17/national/main589033.shtml

(CBS/AP) On Gen. Screven Way, the one-mile strip of fast-food joints and pawn shops leading to the front gate of Fort Stewart, getting a cash loan of $100 to $500 is about as easy as buying a cheeseburger.

Numerous strip-mall businesses bear names like Check Into CA$H ("Need Cash Today? It's Easy as 1-2-3"), First American Cash Advance, Gold Check C.S. Payday Advance, and PJ Cash ("Civilian and Military Welcome").

Fort Stewart has declared these so-called payday lenders enemies at its gate, accusing them of preying on U.S. troops with high-interest, short-term loans that plunge them deep into debt.

"It's like riding a merry-go-round — once you get on, it's hard to get off," said Frederick Sledge, an emergency relief officer at Fort Stewart whose office gives interest-free loans to soldiers in financial trouble.

[jmcgowanjm]

1. Roll over loans 3 times and the interest will be over 720%

Taught budgeting at rehab.
Almost a revolt when I said not
to go to Advance Cash places.

Changed curricula to-don't rollover
more than once.

Forget teaching math in High School.
Teach -How to Budget.

[Yavin4]

2. Hey, This May Get You Out Of The War

Excerpt from the article:

Lt. Col. Russ Putnam, a Fort Stewart lawyer, told legislators that stress over paying off payday loans hurts troop morale and the combat readiness of the post's 3rd Infantry Division, which led the assault on Baghdad. In extreme cases, soldiers saddled with debt must be discharged.

"When we lose those people because of payday check cashing, they're as good as dead to us. They are gone," Putnam told the lawmakers.


Rather be in debt than be dead!

[54anickel]

3. Wonder what defines extreme case? n/t

[tlcandie]

4. Could we address WHY they are needing to even consdier this?

Only people who can't meet the cost of living (some exceptions) do this, especially when emergencies hit home from out of the blue.

Are the soldiers getting enough pay you think? /sarcasm off

Vultures will go away when there is nothing dead for them to circle around.

[w4rma]

5. They aren't being paid enough, IMHO. I think Bush cut their salaries, too.

Or at least refused to give them a raise.