Mrs. Petraeus discusses consumer protection w/ military members

By Amy Cherry 12:41pm, January 20, 2012 - Updated 12:47pm, January 20, 2012
WDEL's Amy Cherry talks w/ Holly Petraeus.
Attorney General Beau Biden and the wife of General David Petraeus are meeting with members of the Delaware National Guard to discuss consumer protection and financial issues facing service members.

WDEL's Amy Cherry reports.

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"The military gets a guaranteed paycheck. It can be very attractive to businesses, both good and bad."

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That's why Holly Petraeus, Director of the federal Consumer Financial Protection Bureau, is visiting with service members in Delaware to hear their financial concerns, educate, and offer advice.

She tells WDEL about one horror story she remembers hearing.

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"They were going to charge him $458 dollars in fees and 20-percent interest for that $1,000 loan," says Petraeus.

She offers this advice to men and women in uniform preparing to make a big purchase.

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"If you're going to buy something, don't focus on the monthly payment, focus on what is the total cost. Take the contract and get it looked at by your lawyer, your JAGs, and if they won't let you take the contract, that's a red flag," cautions Petraeus.

Petraeus and Biden are making stops at the Delaware National Guard in Wilmington and at Dover Air Force Base Friday.

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