Military says loan that is payday in Georgia damaging to troops which can be young
The armed forces warned Wednesday that the cash that is unlawful industry in Georgia is preying on young sailors and soldiers, endangering their morale and combat readiness by giving prepared money at high costs that could cause financial tragedy.
At a legislative hearing on the problem, Capt. John Cohoon, commanding officer in connection with Kings Bay submarine base, stated pay day loan providers line the road with their base given that they think of young sailors and Marines ripe goals when it comes to short-term loans which pack an interest-rate wallop.
One of his sailors, Petty Officer 2nd Class Jason Withrow, claimed their very really pay that is first loan produced a vicious duration by which he required getting nonetheless more loans to steadfastly keep up due to the bills and paid $7,000 in interest, with however more owed, on loans totaling $2,000.