Patricia Randle
“We counsel soldiers that it starts a downward spiral when we start using payday loans and renew them, or take out new loans to pay off previous loans. It makes it difficult or next to impossible to get out of debt.”
Army Community Service program manager Patricia Randle warns soldiers about the debt treadmill, one of the pitfalls of payday loans…
According to Randle, roughly 30 percent of soldiers who seek financial counseling from her program cite high-rate debt (which includes payday loans) as the primary reason for seeking help. She believes that the percentage may be higher because soldiers do not want to admit financial problems for fear of damaging their careers.
“Payday loans are not banned, but they are discouraged… If you don’t have money today, where will you get the money tomorrow to repay the loan plus the fee that goes along with it?”
Patricia Randle is financial readiness program manager for Army Community Service at Fort Carson in Colorado Springs.
Source: Military Payday Loans May Stop by Wayne Heilman (Colorado Springs Gazette)
If you are in the military, please read Financial Resources for Military Personnel in our Links section or Interest Free Loans for Military Personnel in our Payday Loan Alternatives category.
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