NC's military leaders have to protect troops from Republicans

You can't "support the troops" and be industry whores at the same time:

Sicinski, the garrison commander at Fort Bragg, said he discussed the legislation with his counterparts at Camp Lejeune Marine base near Jacksonville and Seymour Johnson Air Force Base in Goldsboro "and all of us are in violent opposition of letting that bill pass."

This type of public outreach by active duty military leaders is unprecedented, and should command the attention of Legislators on both sides of the aisle. The well-being of our troops and their families, not to mention the combat readiness of the units themselves, are at risk. All because the blood-sucking lenders can't get enough to slake their thirst:

Leaders at North Carolina's three largest military bases oppose legislation in the N.C. General Assembly that would raise fees and interest rates on installment loans, Col. Stephen J. Sicinski said Friday during a financial forum at Fort Bragg.

Sicinski said installment loan lenders lure naive young soldiers into high-interest debt.

Sicinski made his comments at a forum to discuss ways to help military families avoid landing in expensive debt. The forum included other Fort Bragg leaders as well as U.S. Sen. Kay Hagan and Holly Petraeus. Petraeus is director of the newly created federal Office of Servicemember Affairs at the Consumer Financial Protection Bureau. She also is the wife of Army Gen. David Petraeus. Her agency was created to help the military with personal finance matters.

One reason a soldier needs to avoid heavy debt: His security clearance, Petraeus said. People with debts they can't pay are thought to be vulnerable to bribes, she said.

Here's the bill if you can stomach it, which includes such gems as:

With respect to a loan not exceeding seven thousand five hundred dollars ($7,500), thirty percent (30%) per annum Two and one‑half percent (2.5%) per month on that part of the unpaid principal balance not exceeding one thousand dollars ($1,000) and eighteen percent (18%) per annum five thousand dollars ($5,000), and two percent (2%) per month on that part exceeding five thousand dollars ($5,000) but not exceeding ten thousand dollars ($10,000), and one and one‑half percent (1.5%) per month on the remainder of the unpaid principal balance.

Comments

protecting troops from Republicans

The military brass rarely go public on a bill under consideration in a civilian legislative body, so for them to rear up against this shameful interest rate increase attempt, is telling.

The biggest temptation on military bases for young, lowly paid soldiers, aside from the one from the oldest profession in the world, is from loan sharks who lure them in to buy stuff on time, and with high interest rates, that they couldn't buy otherwise. Now, the Republicans want to add insult to injury with this sinister proposal.

Charles Malone