Service members attended a predatory lending class at Naval Base Kitsap, Bangor Fleet and Family Support Center on Feb. 15.

The class was given by Heather Rush, Armed Forces Bank branch manager who covered a number of topics associated with the subject.

“There are many dangers out there that will eat up a service members paycheck that [is needed] to take care of themselves and their family,” said Rush. “Our classes help provide important information about scams out there so that members can avoid being victims of predatory lending.”

Predatory lending is a practice designed to take wealth or income from a borrower.  Common types include: predatory mortgage lending, payday lending, tax refund anticipation loans, car title loans, rent to own contracts and credit card abuses.

According to Arnold Norem, personal financial management specialist, Kitsap alone has accumulated a total of 22 predatory lending businesses since October 2006.  The city of Everett has 60 predatory lending businesses and the number in McChord is as high as 100. 

“I’ve heard many stories about people being victims of scams and I believe gaining knowledge can help me avoid financial problems in the future,” said Missile Technician 2nd Class Denver Durfree. “After being a victim of identity theft, I want to avoid financial trouble.”

While Durfree learned from his own mistakes, U.S. Army Pvt. Nicole Marotta learned from a family member.

“My mom was a victim of predatory lending and seeing her struggle through financial problems makes me want to be prepared for that,” said Marotta.  “Attending these classes can help me prepare for my future and how to budget my money, so I don’t need to borrow money from other businesses.”

This class is part of a coordinated effort to improve the financial readiness for all service members and dependants. 

“These classes don’t cost anything but our time, and we can only benefit from this information being passed on,” said Army Pvt. Ali Vasser. “Many enlisted members are young and inexperienced (and) don’t know how to manage their money. (There are people who) know that there are service members who are unaware of what is out there.”