It is a sad reality that many of our nation’s soldiers are struggling with debt. Seven years ago Congress passed the Military Lending Act, which was supposed to protect service members and their families from predatory loans. Unfortunately, the law was so narrowly tailored that it has been easily circumvented by predatory lenders who charge outrageous annual percentage rates, sometimes as high as 400%.
Here is an in-depth story that profiles several soldiers and high-ranking officers who have been exploited by these lenders after returning home from war: http://truth-out.org/
On top of all this, debt problems are not just a personal problem for the military. Members of the military can lose their security clearance for falling into debt. This is a terrible price for a member of the military to pay because they were taken advantage of by a predatory lender.
If you are a member of the military and struggling with debt, consult a debt settlement attorney. We will keep your situation confidential and can likely help you get out of debt for a fraction of what is claimed due.
Kevin Fallon McCarthy
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