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Payday loans are a military matter |
City panel proposes protections in response to concerns by Marines
By Lola Sherman
UNION-TRIBUNE STAFF WRITER
July 26, 2007 |
OCEANSIDE – In January, Maj. Gen Mike Lehnert, commanding general for Marine Corps installations west of the Mississippi, asked the Oceanside City Council to do something about payday lenders who charge high interest rates to members of the military.
It's an issue that affects military personnel across the nation. Nearly 200 payday lenders operate in the county, which is home to more than 113,000 active-duty members of the military serving at 14 bases and commands.
With payday lenders nationwide charging as much as 400 percent interest, Congress passed a law, effective Oct. 1, limiting interest rates that can be charged to military personnel to 36 percent annually.
Additionally, a regional Military Joint Task Force on Financial Health has been set up by Navy and Marine officials to address service members' financial issues.
“Financial health is a priority regarding our sailors and Marines,” task force spokesman Brian O'Rourke said in an e-mail yesterday. “We consider financial health to be just as important as physical health or mental health. It's also a combat-readiness issue for us.”
Source:
http://www.signonsandiego.com/news/northcounty/
20070726-9999-2m26payday.html |
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