Should interest be banned

[ChristineM]

There is a
Should Incest be banned
There is a
Should incense be banned
And now...
Should interest be banned.

By interest i mean financial, that additional money paid when you take out a loan. That which makes finance companies very rich.

This time of year, during summer sales or because car manufacturers haven't sold enough cars there are offers of 0% apr so we know it's possible.

Should this offer be permanen for all loans.

P.s. if 0% apr is not available in your country please just pretend...

 

[Orbit]

I like getting interest on my savings account...

 

[PoetPhilosopher]

Sometimes, it seems as if high interest is used to punish poor people.

 

[Father Heathen]

Islamic banks that don't charge interest, and from what I read welcome non-muslims.

 

[ChristineM]

Sometimes, it seems as if high interest is used to punish poor people.

It does seem that the poorer you are the higher the interest. The claim is the poor are a higher risk.

 

[PoetPhilosopher]

It does seem that the poorer you are the higher the interest. The claim is the poor are a higher risk.

One could even make the case that by being so determined to affect the poor, it could systematically harm some minority groups.

 

[Father Heathen]

It does seem that the poorer you are the higher the interest. The claim is the poor are a higher risk.

As the saying goes "It's expensive to be poor."

 

[ChristineM]

As the saying goes "It's expensive to be poor."

True, very true.

It usually costs more to live than income available.

 

[Twilight Hue]

Sometimes, it seems as if high interest is used to punish poor people.

Better still, the act of compound interest just to royally kick the person when they are down.

 

[Secret Chief]

I voted other and didn't read the OP. But anyway I would say Trump and restroom.

 

[Alien826]

If we didn't have interest, we wouldn't have loans. Why would people lend money, and forego other uses they could put it to, if there was no incentive to do so? That said, lots of bad stuff, like predatory lending, comes with the system.

Poor people do tend to be at higher risk of default. The way interest rates are calculated reflect that. The answer is to address poverty, not demonize lenders.

Zero rates by (say) car dealers are a form of discount. By the way, those "no interest for two years" deals popular with furniture shops prey on those that are not good at managing money. If you don't pay off the the entire sum within the two year period, the entire amount of interest (at an exorbitant rate) becomes due.

 

[Revoltingest]

Islamic banks that don't charge interest, and from what I read welcome non-muslims.

If one thinks interest is "sticking it to you",
Muslims do the same using a different (bizarre) structure.

How does Islamic banking work? | Edology

Islamic banking is governed by the principles of Shari’ah, which dictate its ethical practices. Discover more about this, and other forms of Alternative Banking.

www.edology.com

 

[Heyo]

Islamic banks that don't charge interest, and from what I read welcome non-muslims.

And for a long time charging interest was also forbidden for Christians. Throughout the middle ages and some time later, you could only lend money (for interest) from the Jews.
I'm totally against incorporating religious rules into our laws but the banning of interest is a great idea and justifiable by secular philosophy.