Military Personnel: DOD's Tools for Curbing the Use and Effects of Predatory Lending Not Fully Utilized

Abstract

The Department of Defense (DOD) has expressed concerns about servicemembers' use of predatory consumer loans as well as their overall financial conditions. "Predatory lending" has no precise definition but describes cases where a lender takes unfair advantage of a borrower, sometimes through deception, fraud, or terms such as very high interest or fees. Serious financial problems can adversely affect unit morale and readiness as well as servicemembers' credit history and military career. DOD has tools such as off-limits lists to help curb the use and effects of predatory loans. GAO answered two questions: (1) To what extent do active duty servicemembers use consumer loans considered to be predatory in nature? and (2) Are DOD and active duty servicemembers fully utilizing the tools that DOD has to curb the use and effects of predatory lending practices?

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Document Details

Document Type
Technical Report
Publication Date
Apr 01, 2005
Accession Number
AD1157326

Entities

People

  • Alissa Czyz
  • Allen Westheimer
  • Brian Pegram
  • David Mayfield
  • Derek B. Stewart
  • Gregg Iii Justice
  • Jack E. Edwards
  • Leslie Bharadwaja
  • Marion A. Gatling
  • Minette Richardson
  • Terry Richardson

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Active Duty
  • Air Force
  • Commerce
  • Congress
  • Department Of Defense
  • Enlisted Personnel
  • Families (Human)
  • Financial Management
  • Governments
  • Law
  • Military Personnel
  • Money
  • New York
  • Personnel Management
  • State Governments
  • United States
  • Websites

Readers

  • Allergy and Immunology.
  • Economics
  • Government Contracting/Procurement.