Bill Kennedy
“I have never yet seen a military service member that said he was glad he borrowed from a payday lender…”
Navy-Marine Corps Relief Society director Bill Kennedy relates his experiences from working at the nonprofit organization that provides financial assistance to members of the US navy…
Kennedy said that ten to twenty percent of personnel (usually young) “fall prey” to payday lenders. He described the emotional havoc that ensues when borrowers abuse payday loans:
“They’re a nervous wreck, and it’s disruptive to the family. It puts them in a situation with spiraling debt where they can’t pay their rent or make their car payment.”
Bill Kennedy is director of the Mayport Navy-Marine Corps Relief Society.
Source: Professors’ Research Sparks Loan Reforms by Sarah Wood (The Gainesville Sun)
A link to the Navy-Marine Corps Relief Society website can be found in our Financial Resources for Military Personnel page.
Military members are also advised to explore Interest Free Loans for Military Personnel.
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