How to Money · Wednesday, July 1, 2026
Lacey Langford details the SCRA and MLA, which protect service members from predatory lending and high interest rates. The SCRA caps interest at 6% on pre-service debts, while the MLA and interpretations of these laws often lead to waived annual fees on credit cards for active duty personnel.
“Well, the Service Member of Civil Relief Act is really focused on debt that you incurred before you join the military. Then there is the Military Lending Act, which focuses on active duty service members and their spouses and their families in order to protect them financially.”
“So the Service Civil Relief Actor, the scra it makes it. So let's say you took out a credit card and you ran it up to you know, ten thousand dollars in your interest rate was thirteen percent before you joined the military. Well under the SCRA they have to reduce it to six percent.”
“Yes, Well, what it is actually is that the interpretation of those laws, the Military Lending Act and the SCRA more so the Military Lending Act, which that started with trying to protect people from payday loans.”