Study argues US soldiers should have access to payday loans

The Consumer Credit Research Foundation (CCRF) released a report today alleging that U.S. soldiers should have the same access to short-term credit as civilians ? including payday loans and high-rate credit cards, according to a story reported by Reuters.

The report reads like a response to Congress, as Congress considers legislation to protect soldiers from abusive and misleading insurance sales practices. The proposed legislation is likely to be debated in June.

Rather than making such financial decisions for soldiers, the CCRF argues, soldiers? credit options should be left open and not limited. It should instead be the military?s responsibility to educate soldiers on their options and the industry.

Critics of payday loans ? especially for soldiers ? argue that payday lenders operating near bases prey on soldiers, providing deceptively easy payday loan options, and then allowing them to keep rolling over the debt, creating a cycle that many soldiers find difficult to break free from.

You can read more about this story at Study argues US soldiers need payday loan access.