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An Active Duty
US Air Force Airman at Maxwell Air Force Base with a pay grade of
E-4 obtained a $500 payday loan with an agreement to pay back $600
in two weeks on the next payday. The Airman then took out other
payday loans and was forced to do multiple rollovers on each one.
To make matters worse, to pay off these loans, the Airman received
an installment loan for $10,000 at 50 percent APR. The total cost
to pay off the payday loans was $12,750 and the total debt to the
installment loan company was $15,000. These debts and financial
difficulties played a big part in the Airman's divorce. (Source:
DoD) |
