I was sent an e-mail last eve by an old friend from back in our political chatroom days of prodding conservatives with sharp, barbed sticks. We eventually gave up that as a waste of time. (Turns out, those neocons just love what they have their heads stuck up.) But I'd like to share with you a bit of what he sent because it's an issue that hits very close to home here in El Paso.
See, we have a lot of military stationed at Fort Bliss. It's home to thousands and thousands of army troops. More are on their way in the next few years. I guess that's because we live in a desert and that's the kinda warfare our government sees in our future.
Just up the road is White Sands Missile Range and Holloman Air Force Base, NM. And near all of these sites there inevitably springs up a variety of tawdry pawnshop and loan sharking (or "payday loan") storefronts. Emblematic of areas where folks have difficulty making it from one payday to the next, these places exist to "help" our military, especially the lower ranks, through the lean times. Like, where there's dogs, there will be ticks.
So here are a couple of statistics I gleaned from the article my friend sent. It's from USA Today:
" 'pay day'...lenders typically charge $15 to $25 per $100 loan for two weeks, and most loans are extended for several weeks. The report says the average loan is $350 and has an annual interest rate of 390% to 780%. The average borrower, it says, pays back $834 for a $339 loan. (Emphasis mine.)
"The report cites estimates 13% to 19% of servicemembers — at least 175,000 people — took out high-interest, short-term loans last year. It said nine out of 10 loans go to borrowers who take out five or more over a year."
The article goes on to say, that some soldiers go so deeply in debt as to sacrifice fulfilling sensitive military assignments, i.e., they become security risks.
As a result, the Pentagon has become concerned over these loan sharks and their effect on its soldier's morale and readiness. But a high ranking loan shark industry spokesman responds to such charges as being "misguided". They are providing a service of great value to our military.
That's what I love about this story. It's capitalism at its finest. Capitalists "capitalizing" on the vulnerable. And where else can such creative entrepreneurs get 390% to 780% annual interest than off our soldiers? !
The military that America sends "over there" so we don't have to fight 'em "over here" risks their lives in defense of the nation and its wonderful economic system that appreciates them so. And if they return safely from war, they're extended that system's gratitude by bleeding 'em of their livelihoods--as only good leaches can do! You gotta love it.
3 comments:
Hah! now i'm wondering if the new bankruptcy laws have removed even that "out" for these guys. only logic-tortued-warmongers could love our troops this much. D.K.
na DK - the new bankruptcy laws were removed because of the credit card companies -- they are big lobbyists in washington...and disliked it when people couldn't pay them back...even though they give out those credit cards like candy at holloween
and those high-interest bastards worked for more than 5 years to get those laws changed for their benefit...
just look around - and you can see all the banks being taken over, consumed by credit card companies -- chase is one that comes to mind...which is exactly the reason i bank at the local credit union
as far as those payday loans dada - i 2 live in a military complex city and they are on every street corner here - it's so sad to see
and the solution? again credit unions...they can do the same thing as payday loans only charge an honest interest rate...
Another solution might be to pay our soldiers better so they wouldn't be NEEDING temporary payday loans to buy formula or pay the bills. But from that statement one might be led to believe I support the troops, and of course, as a liberal, you know that can't be true. Just ask Rush!
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