Predatory Payday Lenders Ground Thousands of Troops

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This summer, Mother Jones reported on the ways the poor get taken by lenders who prey on the cash-strapped, including payday loans with average annual interest rates of 400%. It seems the government is finally paying attention. But it’s not the pound-of-your-flesh interest rates that have the government concerned. Rather, it’s the fact that soldiers whose debts amount to a third of their income cannot be sent overseas.

This policy exists because major financial problems are thought to make soldiers more vulnerable to bribes that would force them to reveal sensitive information. If that’s the case, it’s another example of the Bush administration hurting rather than helping national security. Since Bush took office, the number of sailors and Marines who could not be deployed as a result of financial problems has increased 150-fold.

Payday lending outlets cluster by the dozen around military bases, where soldiers are paid poorly. Currently, just 12 states have laws capping interest rates at 99%. Congress is now considering a law that would cap rates at 36%, and the Pentagon is on board. It’s about time.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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