- Jun 18, 2005
I have been reading your posts, and you are not making a case for yourself at all. A loan is a transaction between two private individuals. No one is forcing the lendee to take money from the lender. It is a voluntary exchange. The Government has put down fair regulations to deal with unsavory practices. It's not a massive ask to expect people to be able to manage their own finances. The Government is not there to ensure this. Nor is it the government's responsibility to bring everyone out of poverty.Maybe you should talk to all the people under debt counselling and consolidation due to the practice ?
Anyhow i said my piece and usury is bad for everyone ,if getting rid of usury stopped even 1 person from becoming a criminal wouldnt it be worth it ?
I am willing to bet that the majority of the people who are under debt counselling are there due to their own actions and decisions. Like spending too much on credit cards, buying an expensive car or home, getting divorced, etc.
So care to comment on the original article, then?Jeez guys! Thank you for derailing the thread. So far less than 10% of the posts actually relate to the article!
Can you not see the issues in the above scenario? I'll give you a hint. It has something to do with personal responsibility.But he's got a point. What will you replace it with.
I get a salary of R4000. I have to support a family of 8 where I am the only one with work, they live in poverty, I stay with my boss but still have to pay 800 for transport to see them, food also for myself. The roof leaks at my family house, there is no water because of draught, food is very expensive, kids need school stationary, my daughter is sick, gas stove is broken. No electricity. I go to Africa bank and they give me a loan of R25000 rand to fix and pay everything. That money finish. Now I have 3000 a month, and 1000 for Africa Bank. Now I borrow more money every month to survive. And so on.
It is a vicious cycle. A bank should NEVER have given someone with a salary of R4000 a R25 000 loan, never mind the stupid high interest rate. But they make a hell lot of money at the poor becoming even poorer.
What is the solution?