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Predatory Lending

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Summary

DoD depends on the assistance of state regulators to protect Service members and their families from harmful credit practices.

Key Message

Military consumers are vulnerable to unscrupulous practices. Additionally, some lending practices create a cycle of debt, thus detracting from financial wellbeing and military readiness. States can help by working with the military community on consumer concerns and by fully enforcing the DoD Regulation on payday, vehicle title, and refund anticipation loans.

Statistic

Service members and their families are vulnerable to unscrupulous practices. Additionally, some lending practices create a cycle of debt for service members and their families, thus impacting quality of life and military preparedness.