AG: Loansharks Gouging Military Families

[Nambe]

ALBANY, N.Y. (AP)

The state attorney general filed a civil lawsuit Wednesday accusing a sales catalog company of actually being a loansharking operation that preys on cash-strapped military families.

New York Attorney General Eliot Spitzer said N.Y. Catalog Sales and its owner, John Gill, violated state loansharking laws in its three stores, two of which are outside the Fort Drum Army base north of Syracuse.

N.Y. Catalog Sales offers $50 in high-interest loans for every $15 that that customers spend on gift certificates and other items, Spitzer said. But the "vast majority" of customers buy the items to receive cash, he said.

Borrowers pay with a postdated check that the stores cash on the borrowers' next pay day. But often families need to borrow again to cover the cost and fall deeper in debt, Spitzer said. ..

Ride Don’t Drive * * It’s Global Cool

[nadinbrzezinski]

1. The scariest words on Wall Street

Elliot Spitzer is on the phone

And by the way GO GET THEM ELLIOT! I hate these people... oh and the Navy and Army relief may protect them partially

[Moderator]

2. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x795104