Holly Petraeus Touts Consumer Protection for Soldiers

Holly Petraeus, Assistant Director for Servicemember Affairs, speaks with servicemembers at Ft. Myer in Arlington, VA. Photo courtesy of the CFPB website.

Military servicemembers, veterans and their families are vulnerable to sometimes unscrupulous lenders for several reasons according to the Consumer Protection Financial Bureau website for servicemembers. Several reasons are cited:

  • Lenders are aware that military servicemembers are required to maintain good finances.
  • Lenders are confident they can collect because servicemembers are easy to find.
  • Lenders are attracted because military pay is a steady income that they can garnish.
  • Military families tend to be young and “first time decision makers” when it comes to big purchases.
Blake Farmer, a reporter with WLPN, caught up with Holly Petraeus, wife of the four star general and next CIA director, who now oversees  the CFPB office focused on service members. Petraeus has been visiting military installations and was at Fort Campbell Wednesday.

Petraeus said the number one cause for military security clearance being revoked is now financial problems.

Like many Army posts, just outside Fort Campbell are used car lots, payday lenders and signs advertising special deals for soldiers.

Holly Petraeus and a soldier. Photo by SSG Lorie Jewell, US Army.

Petraeus said a servicemember’s paycheck may not be big, but it comes every two weeks. Farmer reports that law enforcement officials say for-profit colleges are pushing soldiers into programs harder than ever and payday lenders have found ways around interest rate caps. To read Blake Farmer’s story on Holly Petraeus click HERE.

Money problems can also add to the stress already being felt by military families due to frequent moves and multiple deployments. But there are resources to help:

Petraeus and her team at Servicemember Affairs also are looking for military families to tell your story – good or bad – so that others may learn from the experience.


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One Response

  1. Even service people need to know when to say no or get trusted financial advice.

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