The Consumer Financial Protection Bureau, a Defense Department agency, is urging its members to stay away from predatory lenders, who will provide quick and easy cash for exorbitant fees. The temptation to use lenders will be particularly great as summer vacation season approaches, Holly Petraeus, the bureau’s director, said in a speech to a group of sailors. She advised members of her audience to come forward if they encounter problems. “It can be embarrassing to go and tell somebody that you got ripped off,” said Petraeus. “It’s so common for sailors to walk into [a financial counselor] with significant financial problems that unfortunately have gotten really severe by the time they walk in and ask to see a counselor.” A payday loan of $100 can carry fees ranging from $10 to $44 – which would increase if not paid off quickly.
