Do payday loans target military members?
Even as they serve overseas, America's military men and women face a growing threat at home: Predatory lenders. The problem is so bad the Department of Defense says it's weakening the military.
"We do need legislative assistance to curb this problem," says David Chu, undersecretary for personnel and readiness at the Pentagon.
Is this industry any different than the Pawn shop industry? The good thing is that there is little leverage in regulating pawn shops but lending is subject to guidelines and laws. Unfortunately, the people who need financial help the most are often taken advantage of because they have little recourse to "fight back," or defend themselves against greed. More attention and regulation probably needs to be directed at this industry.
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