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Iraq Veterans targeted by Loan Sharks (German Article)
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ChojinDSL
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PostPosted: Thu Dec 16, 2004 3:44 pm    Post subject: Iraq Veterans targeted by Loan Sharks (German Article) Reply with quote

http://www.spiegel.de/wirtschaft/0,1518,333112,00.html

If you can find a relevant english article, please post.


Basically its about how Young Iraq veterans in the US are being targeted by dubious loan sharks that lull them into a loan with ridiculous terms.


I find that digusting.
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pjp
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PostPosted: Thu Dec 16, 2004 4:42 pm    Post subject: Reply with quote

Yep. Since it isn't possible to force decency, people need to be aware of what they get themselves into. Nobody 18 years of age or older should allow themselves to fall victim to stuff like that.
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Leafo
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PostPosted: Thu Dec 16, 2004 5:24 pm    Post subject: Reply with quote

pjp wrote:
Yep. Since it isn't possible to force decency, people need to be aware of what they get themselves into.


Which is also why libertarianism fails. You cannot expect people to be decent, generally fair and give all relevant info at their own discretion and loss.

The article mentions a yearly interest of some 780% on late payments.

If others will help me, we could translate the gist of it.
Let's do some group work here.
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PostPosted: Thu Dec 16, 2004 6:00 pm    Post subject: Reply with quote

Leafo wrote:
Which is also why libertarianism fails.
No system is perfect. Libertarianism just happens to be better than others. There are such things as checks and balances.
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hellbringer
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PostPosted: Thu Dec 16, 2004 6:01 pm    Post subject: Reply with quote

pjp wrote:
Leafo wrote:
Which is also why libertarianism fails.
No system is perfect. Libertarianism just happens to be better than others. There are such things as checks and balances.


And anarchism much better than liberariasnism :-P
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PostPosted: Thu Dec 16, 2004 6:10 pm    Post subject: Reply with quote

hellbringer wrote:
And anarchism much better than liberariasnism :-P
Certainly the most accurate person would prosper.
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Slyde
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PostPosted: Thu Dec 16, 2004 6:54 pm    Post subject: Reply with quote

If you are <insert witty adjective here> enough to ask a "Get Cash Here!" store for a loan, you certainly are digging your own grave. It does not take one to decipher that you shouldn't accept money or give money to an everday joe.
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PostPosted: Thu Dec 16, 2004 8:53 pm    Post subject: Reply with quote

Here's the first half, maybe someone else can get the second half. If not then I'll translate it later probably.

Quote:
The “Loan Sharks” in the United States have found a new victim: Young Soldiers and freshly returned veterans from Iraq. With contracts bordering on extortion these companies push already poorly paid soldiers into ruin. The soldier’s officers, instead of helping these debt ridden soldiers, are often the very ones who push them towards getting a loan.

New York – This is not how Jason Withrow imagined his service for the Nation. As sailor in the Marines he earns just $1,600 a month. To help pay his bills and help his family he started working in a warehouse. After injuring his back in an auto accident he was sadly put out of service though. Withrow was then forced to take out a small credit to pay his bills. That’s when the nightmare really started.

In the “Kings Bay Periscope,” the local newspaper of the Submarine station in Kings Bay Georgia, Withrow noticed an add for a credit firm. A small company, located right next to his barracks offered a specialized “Soldier Credit” of 300 Dollars. In return Withrow would need to pay 390 Dollars back during his next shore leave.

It was a legal nightmare though. When Withrow barely missed the payback date an enormous yearly interest rate of 780% was immediately charged. “No one told me about that,” he said. Withrow was forced to take more and more loans just to pay the old ones off. At the end he had seven small loans – and over 7000 dollars of debt, 2333 percent of his original loan. “My marriage began to fall apart. I didn’t even know what I should give my son for Christmas.”

Soldiers as “Attractive Targets”

More and more soldiers are falling into the same trap as Withrow; young veterans returning from Iraq are hardest hit. The thief’s, loan sharks, and swindlers are turning the war into a feeding a frenzy. They use the raised deployment and legal holes to exploit the underplayed and overworked GIs. Such methods, although not new, have become more and more present during the Iraq war. Not for a long time have so many soldiers left for the front, leaving their families home without money.

In the area around the Navy base in Norfolk Virginia – the largest of the world – there are over 200 quick pay credit firms. The newest estimates from the “New York Times” predict every fourth military family to be in serious debt. “It just gets worse and worse, much much worse,” said Liz Kosse, the regional director of the Navy-Marine Corps Relief society, a help society for debt ridden soldiers.

“The soldiers present themselves to the swindler agents,” said John Cohoon, the commander of Kings Bay. He imagines most of the soldiers who fall into the trap to be young and trusting, just terrible with money. A report by the Consumers Union, a credit givers union, reached the same conclusion. They described these young soldiers as being “perfect targets” for payday companies. Many of these payday loan companies have quasi military names such as “Armed Forces Loans,” “Military Finacial” and often employ military veterans because they are even better at convincing these impressionable soldiers to take out a loan.

Ruined by Credit

If the debtors don’t pay then their officers will often help the credit agencies to get their money. Whoever falls into debt is made by US military law punishable. “Soldiers who don’t pay their debts risk a military tribunal,” said Commander Cohoon. Possible punishments are: Imprisonment, A forced leave, and discharge from the armed forces. “These people,” said Andy Leech from the Relief Society, “are stuck in a financial catch-22.”

“There is no choice,” complains Cristie Worrow, a 29 year old Marine from Jacksonville. Warrow took out a 500 dollar loan, after interest and charges she ended up paying almost 2400. Only after a court trial was she able to get out of debt: “Other people would have killed themselves over something like this.”


These are indeed some evil companies, this should be stopped. Just the fact that so many popped up shows that this isn't a fair enterprise, it's simple exploitation of our underpayed military.
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PostPosted: Thu Dec 16, 2004 9:56 pm    Post subject: Reply with quote

i wonder whos getting the big money off these boys n girls
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