Professor Christopher Peterson
“The military’s seriousness about personal debt is a plus for the payday lenders… It also means that a payday loan can have truly tragic consequences for someone in the military. It can ruin a career.”
Professors Peterson expressed this opinion in an article entitled Payday Loan Businesses Target Military…
As you know from an earlier post, Professor Peterson co-wrote a paper entitled Predatory Lending and the Military.
The paper also mentioned that military members are ideal targets for payday lenders.
Service members generally:
- are young
- receive low salary
- lack experience managing money
- are easier to track down than civilians (cannot leave town or hide out)
- face worse consequences than civilians for defaulting loans (Military culture encourages payment of debts.)
Source: Study: Payday Loan Businesses Target Military (The Sheppard Senator)*
*The Sheppard Senator is an authorized publication of Sheppard Air Force Base, Texas.
If you are in the military and are considering a payday loan, please read Interest Free Loans for Military Personnel and visit our Payday Loan Alternatives category.
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