Los Angeles-Long Beach, CA (PRWEB) October 07, 2014
The US military is the country’s line of defense from threats overseas and even in-country. They serve as a deterrent to global threats and are able to help provide military assistance and support to allies and countries that needs help. And this institution is made up of brave and courageous American citizens.
This brave group of people sacrifice their lives just to be able to serve and protect the country. They spend months away from the people they love just to be able to serve. And one thing the government is doing is looking after these service men and women by putting safeguards in their financial borrowings.
The WSJ.com is reporting that the present administration is putting in some legwork in order to protect the military personnel from unfair financial practices especially with the way interest rates are being assessed. There are scrupulous lenders where they jack up interest rates as high as 183% as what happened to a sailor who took out a $ 1,500 loan.
This move aims to put more teeth to the Military Lending Act passed in Congress in 2006. This was meant to closely monitor and safeguard the military from lenders putting in high interest loans and are actually putting up shops in the vicinity of military bases. The main objective of this new development is to cap the interest at 36% to more types of financial instruments offered to the military personnel.
National Debt Relief agrees that that there are some lenders who are able to find a loophole in the current set up meant to protect service men and women in getting mixed up with unmanageable loans. There are those offers repayment at an extended time or gives out amounts about $ 2,000 – both of which are not covered under the prevailing Military Lending Act.
If you are in need of a consultation on how to best approach your debts, you can call National Debt Relief at 888-703-4948 and talk to a debt counselor. You can also visit http://www.nationaldebtrelief.com for more details.
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