Military credit regs demand close attention: think the new Department of Defense regulations don't apply to your bank? A closer look might surprise you.(Compliance Clinic)

From: ABA Banking Journal | Date: February 1, 2008| Author: | Copyright information

A U.S. military service ,member finds himself or herself in a financial crisis. There s too much debt, or a family emergency arises.

So the service member turns to short-term solutions, such as payday loans or titled vehicle loans, to get through the current situation. But what happens next is often the beginning of a recurring cycle of very costly debt that compounds on itself and becomes harder and harder to dig out of. The stress caused by the quagmire of debt has become a problem for many military families, and thus for the military itself.

The military has implemented ...

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