Fed Issues Smackdown to Payday Lenders

by James & Miel on November 10, 2006 · 0 comments

Heard a great piece this morning on NPR. The story centered around the financial troubles experienced by some members of military. Its not a surprise that many members of armed forces have been sent on extended deployment, a state of affairs that has strained family and individual budgets. To make ends meet, many service members have turned to payday lenders who typically charge excessive interest rates, causing some soldiers and sailors to loose their security clearances.

Apparently the Feds have passed a law regulating the amount of interest that can be charged to military personnel.

As a bit of a pre-script, NPR covered this ongoing problem a few months ago.

Check out the story if you’ve got a few spare moments!



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