Veterans Day Reminder to Skip Payday Loans

One day a year we pause to honor the service of military members and it’s the least we can do.

The Veterans Day National Ceremony is held each year on November 11th at Arlington National Cemetery . The ceremony begins at 11:00 a.m. with a wreath laying at the Tomb of the Unknowns and continues inside the Memorial Amphitheater with a parade of colors by veterans’ organizations. This is the nation’s effort to honor and thank all who served in the United States Armed Forces.

But wouldn’t it be wonderful if we also helped veterans by protecting them from scams like payday loans and for-profit colleges?

Avoid Payday Loans: Payday loans solve short-term cash problems and often charge up to 600 percent interest. Online sites promise quick cash and suck you deeper into debt with outrageous charges and interest. We recently discovered a payday loan site with a name similar to ConsumerMojo that connects you to companies that actually make the loans.

All of this adds up to the same shady business where high interest keeps you in debt, ruins your credit and makes it tough to achieve your dreams. The bottom line is: skip payday loans.

For profit-colleges often take advantage of veterans in the same way. The G.I. Bill provides rich benefits and that makes you a prime target.

Ads in subways, online and on the radio tout for-profit, unaccredited colleges that will use up all of your G.I. benefits and leave you with a worthless degree.

Maybe even worse, congressional investigators found that some not-for-profit colleges get you to use up your G.I. benefits and then convince you to take out loans to pay the rest of the bill.

We salute veterans and current service members on this day and hope that you hold your money as close as you might hold your weapon in battle.

 

Published by

Barbara Nevins Taylor

As the winner of 22 Emmy Awards and a slew of journalism honors and awards, I created ConsumerMojo.com to give you the straight story about complicated stuff. Tell us what you want to know and we'll get you the answers.