An editorial from Cecil H. Steppe, Retired President & CEO, Urban League of San Diego County
... On October 1st, a federal law will go into effect that will take away several of these options for the military. That law (known as the Talent Amendment) will effectively eliminate payday lending, tax refund anticipation loans and title loans as short term credit options for military members. It will also affect military spouses (even when applying for a loan on their own, separate, nonmilitary income) and anyone who has received 50% of their support from a military member prior to applying for a loan. I’m not here to endorse these loans or to say that they are the best financial decisions all the time, for  everyone but I’m also not here to say that they are the worst. What I will say is that eliminating these options does little to tackle the root demand for this type of credit - low pay and lack of financial options and education.
Read the whole editorial (67 KB PDF) |
