Jaws is Back… And He Is Feasting On Our Military!

Kerry L. Marsala

Military families have demanding circumstances placed upon them daily. They have mates and/or children who have voluntarily placed themselves in harms way. Due to wartime conditions- extended separation for families is occurring. Our military people put up with listening not only to anti-war brigades undermining the support needed, they also contend with the media flashing only negative stories from the lands we are defending. Add to this deluge… a great white shark disguised as a flashing neon sign, blaring “Payday Loans” to finish the feeding frenzy on our military.

The hour has arrived, it is time to blow the whistle and sound the alarm, “Payday Lenders” are nothing more than bloodthirsty sharks!

Payday lenders attempt to disguise themselves as establishments trying to aid those who are in need financially. They defend their strategically placed storefronts as being there to assist. Their defense, according to a lobbyist for the financial services association, is that they are only trying to get, as close to the gates as possible- like the fast food restaurants and the convenience marts. With thousands of people going in and out of the military gates a year… the sharks just want a nibble of a leg, an arm or a bank account.

According to investigative reporter, Brad Branan of the Tucson Citizen, within three miles of Davis-Monthan Air Force Base, there are forty-six payday loan and other “deferred-presentment companies.” That is just one base, how many are there around the base of Camp Pendleton CA, Ft. Stewart Georgia and the bases in Norfolk and Hampton VA? How much of a piece of the action do these payday loan centers really need?

Unmistakably, they are taking their fill with the interest rates they charge. Gluttony seems to be on the shark’s daily menu. When a victim, who finds themselves unable to feed their children after paying bills, visits a payday loan store, they borrow on the average $ 500.00, attached to that amount is an interest fee (10 to 30 percent). Thinking… dilemma solved, but after the two weeks of borrowing is over, the loan store cashes their check and a customer’s bank account is hit. So drastically, that on a very limited budget to begin with, in order to pay obligations, they must once again borrow from the loan establishment and the cycle of feeding upon those with limited incomes exacerbates itself into financial crisis.

A large majority of our soldiers serving at this time are National Guardsmen and reservist. Being taken for extended periods from their normal higher paying jobs, a situation of disadvantage is created.

The military is not the only group who suffers at the hands of these payday centers. Many victims are those who live on fixed incomes, with interest rates running unregulated, we are witnessing a pattern that will lead to financial devastation.

The unbelievable part of this scam is that a loan shark charges less in interest than the payday stores. Loan sharks typical percentage annual interest is 250 now compare that to payday loan stores, which typically venture into yearly interest rates of 400% or more. Those who defend payday loan establishments, tout “we post our guidelines,” when was the last time a desperate individual stopped to read the posted fine print?

Our society needs educational guidance when it comes to finances, but there are times in this world when people are faced with severe circumstances. Our service people deserve more than what our government pays them, and better than what the payday loan sharks are trying to bite out of them.



Sources:
http://66.102.7.104/search?q=cache:49G5eroNGOIJ:www.azcentral.com/arizonarepublic/local/articles/0613paydayloans13.html+payday+lenders&hl=en

###

K. L. Marsala is a commentator on social, cultural and political ideologies. She is co-publisher of Sarah's Seed Journal and has published one book, with number two waiting in the wings. Ms. Marsala tries to use a bit of satire every now and then in her writing. She has been praised by many of her readers for saying it "like it is" and speaks for the common person who believes in American ideals, especially our freedoms. Stating the way she sees it with "punch," her philosophy remains that no matter the event, you can always find a bit of humor or the human element of hope somewhere amongst the cracks. Ms. Marsala holds a master's degree in ancient history and Biblical studies. She is currently working on her degree in bio-ethics and political science. You can visit her web-site for archived and current articles: http://www.right2think.8m.com

cnuseeme@cox.net