So is the military going to try to tell it's members they can't take payday loans?

[RB TexLa]

http://news.yahoo.com/s/nm/20071001/pl_nm/pentagon_lending_dc_1


WASHINGTON (Reuters) - The Pentagon on Monday implemented new rules to protect U.S. service members and their families from high-cost, short-term loans, saying stress from such loans can hurt military readiness.

"The financial stress service members and their families suffer in turn causes a decline in military readiness," it said in a statement.

"We equate financial readiness with mission readiness," said David Chu, under secretary for personnel and readiness. "Preparing for emergencies is an important step forward and vital to avoiding predatory practices and a cycle of debt."

[Cerridwen]

1. Uh, did they mention a raise in pay to help alleviate some of that financial

stress to help their "military readiness."

And taking care of their families' needs while they're off fighting a war? And insuring their VA benefits would be ready for them when they return home should they need their VA benefits? And health care? And their homes? And a break from 24/7 stress-causing vigilance as they fight that war?

Nah, didn't think so.

[mediaman007]

2. How about cutting off some of the money that they pay to the

mercenaries and direct it to the underpaid soldiers! I can't get over the fact that we train the mercenaries, then they quit the military, join Black Water and get paid four times what they would get paid as soldiers. Just how does privatization save us money?

[donheld]

It's a damn shame they even need payday loans

Is this the way we treat our military?

[haele]

3. They already have - and according to the sign, the check cashing places no longer accept

people who use a military pay stub requesting a payday loan "per Department of Defense regulations" as of October 1, 2007.
They'll provide all other services (check cashing, money orders/cashier's checks, Western Union, utility bill payments) but no payday loans.
Now the sailors and soldiers are going to go back to the time-honored tradition of "slush funding" to cover the emergancies their regular paycheck may not cover.
You know, the old "Hey, shipmate/buddy - I'll spot you a hundred more if you'll lend me the three hundred to fix my wife's car, pay you back over two paydays" or paying back $50 for $40 a couple days before payday type of slush that clever single guys in the middle grades used to make lots of money off of in the bad old days...
I don't know what was worse - that type which usually lead to bad feelings, or the payday loan places. Both run about the same when it came to the percentage of payback.

Haele

[BlooInBloo]

4. Oh fer fucking fuck fuck's fucking sake.

[BlooInBloo]

5. Support the fucking troops - tell them to get jillion-percent interest payday loans. jesus.

[Bozita]

6. Payday loans remind me of Maxwell House coffee.

Good to the very last drop.

The financial services industry getting that last drop of the consumers' blood.

[Rage for Order]

7. Payday loan stores aren't in the financial services industry

They're more like a mafia loan shark without an employee waiting to break your legs if you don't repay. True financial service companies provide a valuable service; payday loan stores are more akin to leaches.

[Bozita]

11. imho, anyone who profits from lending money is in the financial services business.

Payday lenders are on a par with those offering NINJA mortgages.

[Rage for Order]

12. That's probably technically correct

But it's like telling someone in New Orleans that Long John Silver's is a seafood restaurant :) Payday lenders are pawn shops without the merchandise.

[Bozita]

13. "Payday lenders are pawn shops without the merchandise."

That's really good. I totally agree.

[Mayberry Machiavelli]

8. Financial paternalism has a long tradition in the military. When I was stationed overseas in a

relatively remote base, we had a problem with some of the lonely junior enlisted folk running up huge phone bills they couldn't pay. The command's solution? Have the one and only telephone company, a monopoly serving everyone on post, restrict long distance to a capped percentage of the servicemember's base pay, this applied to everyone on post. One time I was getting ready to go on leave near the end of the month and my phone service was abruptly cut off, I then found out, because of this rule, even though I could afford to spend the money I was paying on my long distance and was paying my bills. I don't know if to this day I've gotten over the rage I felt over that.

None of us were given a choice on this, it was unilaterally decided by the base commander and implemented through the on base phone company which was a private enterprise, albeit with a lucrative government contracted monopoly.

This same monopoly phone company once abruptly cut off my phone because I misread the bill and underpaid by one cent. No phone call, no notice, just cut off service.

[DaveJ]

9. Good, now illegalize usury across the board

Why not go to war with all the organizations that seek to rip people off with high interest rates and fees and threaten to ruin people's chances of owning a home and increases the rate they will have to pay for automobiles they need to get to work?

This is a good first step. But it needs to be expanded to everyone.

[TahitiNut]

10. A cap in the APR of 36% ???

Horrors!! How will the loan sharks survive?? After all, those deadbeat military personnel could quit their jobs and not pay, right?

:puke: