Military says loan that is payday in Georgia damaging to troops which are young
The army warned Wednesday that the cash that is unlawful industry in Georgia is preying on young sailors and soldiers, endangering their morale and combat readiness by giving prepared money at high costs which will lead to economic tragedy.
At a hearing that is legislative the matter, Capt. John Cohoon, commanding officer about the Kings Bay submarine base, stated pay day loan providers line the street for their base given that they think of young sailors and Marines ripe goals for the short-term loans which pack an interest-rate wallop.
One of his sailors, Petty Officer 2nd Class Jason Withrow, claimed their very really very first pay check loan produced a vicious period by which he required getting nonetheless more loans to keep due to the bills and paid $7,000 in interest, with however more owed, on loans totaling $2,000.
Lt. Col. Russ Putnam, legal counsel for the following Infantry Division at Fort Stewart, reported payday loan are actually an ever growing problem at that base, too.
This is a readiness problem for folks, he stated. Continue reading “Military says loan that is payday in Georgia damaging to troops which are young”