RICHARD C. BARNARD, Editor in Chief

Some of the stories in this issue will break your heart. They are about Navy people who were sucked into a downward spiral of high-interest loans and bad credit. Some destroyed their financial lives and damaged their careers because they walked into the “payday loan” stores clustered outside the gates of almost every military base in the country. There, they found fast money at 400 percent interest and clerks willing to roll one loan into the next, piling up the fees and interest charges until the sailors were choking in debt.

One is a petty officer first class aboard a U.S. aircraft carrier who got hooked on payday loans as an E-3 with four kids, a wife with breast cancer and too many lean times between paydays. It was years before he turned to the Navy for help and got the financial assistance (at no interest) and the lawyer he needed to start reclaiming his financial freedom.

Another petty officer had ignored the payday loan stores for years, and then crossed the line after his wife was injured in a motorcycle accident. He lost his house and has struggled to put food on the table for his four children. “You need gas, food and the creditors are calling — you’re not thinking right,” he said. But today he’s thinking twice about seeking help through official channels for fear his high security clearance would be at risk if his command learns of the mistakes he has made.

These and other sailors are a part of “Double Whammy,” our story about the struggle between the Navy and payday loan companies that target the young and desperate in the military. Many of us view those in uniform as courageous public servants who deserve the thanks of a grateful nation. Unfortunately, others see them as prey.

Seapower Correspondent Amy Klamper reports (p. 12) that some state governments have closed down payday loan shops, and the Navy is lobbying hard to get others to tighten up.

Also in this issue, Associate Editor Matt Hilburn covers (p. 20) a concept for new kind of vessel that may prove to be a key element of the Pentagon’s warfighting strategy of the future. Seapower Correspondent Megan Scully reports (p. 8) that several senior members of Congress feel confident they can soon put the Coast Guard’s Deepwater program on a fast track. And Managing Editor Richard R. Burgess describes (p. 69) what some see as a superior anti-torpedo weapon of the future — another torpedo.

Seapower — it’s the defense magazine that covers the future.

We are eager to get your feedback. Contact me at rbarnard@navyleague.org or by mail at Seapower, 2300 Wilson Blvd., Arlington, VA 22201-3308.