In a new op-ed piece distributed today to North Carolina papers, Brigadier General Paul Dordal, USAF (Ret.) says that raising rates on consumer loans “sends a strong negative signal to the military and military families living in North Carolina.”
The full text of Gen. Dordal’s powerful message appears below.
Raising loan rates is bad news for military families
By Paul Dordal, Brigadier General, USAF (Ret.)
For the past few weeks, military commanders at installations in North Carolina have expressed their opposition to proposed bills introduced in the House and Senate that would allow finance companies to raise charges on their short term loans. In spite of this opposition, last week the House Banking Committee passed this legislation, which sends a strong negative signal to the military and military families living in North Carolina. Annual Percentage Rates on these loans can already go as high as 54 percent. Military members returning from deployments and struggling to make ends meet are especially susceptible and have been victims of these types of loans in the past. This legislation will only make matters worse when we can least afford it.
On Memorial Day we remember those who have given their lives fighting for our country, and it is also a time to remember the sacrifices of those who are fighting for our country today and ensure that we do everything that we can to support our military and their families. North Carolina has the fourth largest active duty military presence in the country and is home to hundreds of thousands of military personnel that, along with our NC National Guard and Reserves, are critical to our nation’s defense. While our troops are engaged in a War on Terror in Afghanistan, Iraq and other places, military families are faced with high deployment rates, often dealing with disabilities and death, and it is very difficult for a considerable number of military families to stay on top of their finances and make ends meet.
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