Nearly a decade after legislation was put in place to protect U.S. military personnel and their families from predatory financial products, the Military Lending Act received a much-needed update to close loopholes often exploited by shady lenders to skirt the rules and put the financial lives of servicemembers at risk. [More]
Sorry to disappoint all of you who think that the two-person Segway is the most innovative thing GM has produced in its long history — it seems that the company’s most important new idea was consumer credit. More specifically, convincing a nation of thrifty debt-averse tightwads that taking on debt was socially acceptable. Yes, it’s true. We weren’t always a bunch of debt junkies.
The ongoing subprime meltdown is merely the first destructive wave of credit catastrophe to wash over Wall Street, according to Slate’s resident explainer. Americans drunkenly bandy credit around in several forms: mortgages are the most prevalent loans turning sour, but credit card debt, student loans, and auto loans are silently conspiring to threaten our macroeconomic well-being.