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September 19, 2006

Predatory Lenders Targeting Military Families

One of Our Oregon's primary efforts is to rein in the payday loan companies, who have made their money on the backs of the working poor by using predatory loansharking techniques that are simply disgusting. One of the recent developments in this industry has been the targeting of military families.

Congress is considering capping interest rates for payday loans at 36%. Can you even imagine a 36% credit card interest rate? And believe it or not, a Department of Defense investigation found that some of our military families, with fathers serving in Iraq and Afghanistan and mothers home raising children alone, are being charged as much as 500% interest! The Senate has already passed the 36% cap, but, as usual, your Representative in the House needs to hear from you on this issue. Congress is being heavily lobbied by the lending industry to retain the status quo.

If you want to help our military families get through tough times without getting screwed, visit Our Oregon's interactive website, which will help you contact the appropriate members of Congress about this issue.

Posted by Becky at September 19, 2006 09:35 AM