Too Much Debt Can Save Your Life
October 20th, 2006 | by Ken Grandlund |At least, it can if you are a member of the U.S. Armed Forces.
A new report notes that personal debt among military members has been increasing dramatically over the past few years, causing the military to pull troops out of overseas duty rotation. See, the troops are considered to be security risks if they have high personal debt because they might be more vulnerable to bribery or treason.
The problem is attributed to a lack of financial smarts among recruits; reckless spending among those exhilarated to make it home alive from a tour of duty; and the profusion of “payday lenders” — businesses that allow military personnel to borrow against their next paycheck at extremely high interest rates.
I wrote back in May, about how those helpful payday loan folks are helping the terrorists by saddling our financially illiterate troops with high debt. But maybe I missed the bigger picture then.
Maybe some of our fighting men and women have discovered an ‘honorable’ way to avoid dying for Halliburton and George Bush without haveing to say they are gay or against killing. Maybe they’re spending their way into debt so they can stay alive here at home.
[tag]military, economics, debt[/tag]
3 Responses to “Too Much Debt Can Save Your Life”
By steve on Oct 20, 2006 | Reply
I know someone who was denied entry into the air force because of his debt. He really really wanted to join. This was before the war. Sounds reasonable to me though about brides however how does the enemy know who he’s bribing?
Ken, if you ever EVER rise to power in Congress somewhere. I hope you help abolish those check cashing places. I am all for business as you know, but that business is just vicious!! Also ban those “text message for love” companies. Freakling vicious!!!
By anaveragepatriot on Oct 20, 2006 | Reply
Ken
I just included this in my post and then noticed you posted on it. It does pose a question. Some are financially overwhelmed with all these deploynents but you have to wonder how many of these recent debt problems are due to soldiers wanting to avoid overseas duty? I was also curious why they would be thought of as a security risk?
By Omnipotent Poobah on Oct 20, 2006 | Reply
I read a similar article this morning and one BIG reason there are so many troops with financial problems isn’t even mentioned…they are paid next to nothing. Most soldeirs are kept in a perpetual state of poverty. It’s even worse for Guards and Reservists who may have had good paying civilian jobs, but can’t work them since they’re in Iraq. It seems to me that trying to suddenly live on half of what you made before might cause a problem here or there too.