DOD’s Take on the Loan Sharks:

We reported earlier on efforts by Sen. James Talent (R-Mo.) and veteran service organizations to stop predatory lending practices that target military members. We overlooked mention of a new report by the Pentagon that provides some interesting data about this serious and growing issue. For instance, it notes that one in five active duty members are payday borrowers and that “payday lending costs military families over $80 million in abusive fees every year.” And, the number of payday lending stores has grown by more than 30 percent over the past six years. Read the report here.