The country wide movement to clamp down on payday loans started about ten years ago in the South.

Opponents of payday loaning shortly gained a striking friend: Holly Petraeus, girlfriend of superannuated military Gen. David Petraeus, right now the CIA director. She turned a high-profile advocate for provider users directed by payday lenders swarming around armed forces angles in sites just like California refugee camp Pendleton.

In 2006, the office of security discussed lenders aspredatory and a threat to nationwide security. Pay day lendingundermines military services ability, damages the morale of troops along with their households, and adds to the cost of fielding an all-volunteer preventing force, the section revealed, bearing in mind that services people comprise doubly more likely to fall victim as civilians. (more…)