“So we’re seeing a lot of seniors going to the pay day lenders… going to payday lender number one, two and three trying to borrow enough every month to make their mortgage payment.”
Payday loan opponent Judy Poston is disturbed by the increasing number of senior citizens taking out multiple loans just to keep a roof over their heads…
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“People who are most vulnerable — on the low end of the income scale — are often targeted by payday lenders. And this hasn’t been a high enough priority.”
Canadian MP Judy Wasylycia-Leis has lobbied for federal regulation of the payday loan industry for years but believes the issue has not been a high political priority because it affects people with a low income and exists in a legal gray area…
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“This is hard-earned cash being siphoned out of the wallets of working people… This $4.2 billion is much-needed monthly benefits being squeezed out of the pocketbooks of retired and disabled folks.”
NAACP Chairman Julian Bond made this statement after consumer advocates published a report claiming that the payday loan industry made $4.2 billion in “excessive fees” last year…
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“We’re seeing people on a regular basis that are caught in the cycle… In order to make this week’s bills, they are borrowing from next week’s money.”
Consumer Credit Counseling Service of Northeastern Iowa Inc.’s Mason City branch office manager Kathye Gaines said that people in over their heads with payday loans make up about 10 percent of her office’s monthly caseload…
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“Overall readiness of the Navy is impacted when financial aspects of personnel are not what they should be… Additionally, shipmates are impacted when they have to deploy because of someone else’s lack of financial readiness.”
Financial coordinator Keith Goosby says payday loans adversely affect military readiness…
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“Payday loans are not access to credit, they are access to debt… When you give someone a payday loan, you’re not throwing them a life vest, you’re throwing them an anchor, and they’re going to go down faster.”
Advocacy group director Kelly Griffith believes that payday loans harm the poor and underbanked…
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“They’re kind of a scourge… You can’t drive off any decent-sized military installations without there being at least eight or 10 payday lenders, so obviously they’re making a mint at the expense of our military members.”
Master Sergeant Leah Caldwell attacks the payday loan industry…
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“If it’s a choice between paying your bills or buying food, pay your bills and then come to us… We’ll help you with that rather than you going to a payday lender and ending up deeper in debt.”
Army Community Service financial counselor Leonard Toyer offers to help military families avoid the high cost of payday loans but many soldiers end up using payday loans anyway…
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“These types of institutions are prevalent around military installations. They tend to seek out young service members who are inexperienced in the world of credit, but have access to a steady flow of cash.”
Pentagon spokesman Lieutenant Colonel Ballasteros says members of the military are being targeted…
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“Shipmates don’t let shipmates use predatory lending.”
According to an article in Navy Compass, Captain Mark Patton believes that members of our armed forces should protect fellow members from payday loans…
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