Wednesday, August 30, 2006

Legalized loansharks preying on American soldiers

Soldiers defending our nation are fighting a two-front war. There's the well-known battle against foreign enemies like Al Qaeda. And now there's a domestic fight against companies that have targeted military personnel for payday loans at interest rates that typically exceed 400% and can run as high as 2,000%. A mounting body of evidence, including a report released by the Pentagon this month, shows that these legalized loansharks are damaging America's armed forces by driving thousands of soldiers, sailors and airmen - as well as their families - into acute, crushing debt and even bankruptcy.

It's long past time for Congress to pass a strong law prohibiting the financial exploitation of America's defenders.

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