Interest would not accrue on federal student loans for active duty soldiers and their spouses under the Interest Relief Act introduced by U.S. Senator Evan Bayh. For those activated for 12 to 15 months, the bill could mean an average savings of between $1,183 and $1,479 in interest over their activation period, according to Congressional Research Service estimates.

Under the Interest Relief Act, eligibility would include active duty soldiers of any branch of the military, including reserve units and the National Guard and their spouses, who have student loans through the Federal Direct Loan Program. The interest accrual deferment could be for up to five years while on active duty. Members of the armed forces can already defer payments on their student loans while on active duty, but the interest continues to accrue.

Military Payday Loans On The Rise

Military payday loans are usually given to the people in duty or retired military personnel. The basic requirement is different for an on duty and retired military personnel. On-duty personnel should be working on full time basis whereas a retired person needs to show proof of working for at least 20 years. However, every company has different terms and conditions. Every company offers loans ranging from $500 to $1000 dollars to these military offers. There are various loans available as per the ranks in the military. Military payday loans have an APR ranging from 34% to 40%, which is 10 to 15 times cheaper. A normal payday loan has an APR usually ranging from 400% to 800% now the difference is clearly visible.

As mentioned above, a normal payday loan is much costlier than a military payday loan.

Blacks, Banks and "Institutional Racism"

As I drove through the city of Los Angeles on a lovely day, I listened to an interview on National Public Radio. I heard something disturbing. The NPR host interviewed a lawyer with the NAACP who said that he had filed a lawsuit against several banks. .

McGraw's Credit Car visits Weston on Aug. 3

CHARLESTON -- West Virginia Attorney General Darrell McGraw announces the popular Credit Car will make a stop in Weston on Aug. 3.

From 9:30 a.m. to 4 p.m. at the United Bank in Weston, the Credit Car is a mobile office that will be staffed by personnel from the Consumer Protection Division of the West Virginia Attorney General's Office, which provides free credit reports to consumers.

The Credit Car first toured the state in January, assisting consumers in accessing their credit reports and providing advice for those consumers with errors. Previous stops in Weirton, Morgantown, Parkersburg, Beckley, Princeton, Charleston, and Martinsburg proved to be successful and well received by consumers in those cities. Other previous stops have been in Glenville, Buckhannon, and Philippi.

Weak housing spreads woes

Texas-based Trussway Ltd. walked away from a skilled work force in Sparta because Michigan's construction industry is so weak.

This slump, both in existing-home sales and home construction, is not news to builders or real estate companies.

Small Business Loan Money Grows

MAYFIELD, Ky. -- A new $1 million pot of U.S. Department of Agriculture money will help area small businesses with low-interest loans to get started and grow. USDA Rural Development State Director Kenneth Slone presented the ceremonial check Monday to Clyde Elrod, chairman of the Purchase Area Development District Board of Directors. "It's a Catch-22. You need business expertise to run a company, but that takes money," Elrod said. "And you need money to run a company, but you need business expertise." USDA funds are intended to boost employment and lessen poverty in rural America. Recipients must be in areas other than cities of 25,000 residents or less. The money creates another loan pool for PADD, which has leveraged more than $55 million in investments and created or retained more than 2,200 jobs since the lending program started in 1983.