immorality of interest

I am really unhappy about the amount of interest we being charged therefore I decided to carry out research on how high interest is harming us. I have started to write some question which I want to include in the questionnaire but I need your help. The people who are angry about the interest rate please write those questions that you want them be answer.

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Reply 1

Quady

Original post by A133nwa

High interest rate? :s-smilie:

High...?

Reply 2

Reue

Original post by A133nwa

Perhaps you could have started by doing some very basic research of your own. Had you done so, you would have discovered that interest rates are currently at their lowest level ever.

Reply 3

A133nwa

Original post by Reue

Perhaps you could have started by doing some very basic research of your own. Had you done so, you would have discovered that interest rates are currently at their lowest level ever.

A request to you from now on can you please do not reply to my question. for your information do you even know why the interest rate is so low? and do you even know who is affected by this I am providing you a link READ, http://www.bbc.co.uk/news/business-26446664

and YES i have don research do not tell me to do basic research
Not really sure why people reply when they cannot help surly you are not force to click on my thread

Reply 4

Simes

Original post by A133nwa

I am really unhappy about the amount of interest we being charged

Interest on what? National debt to the World Bank or IMF? On unpaid tax? On Wonga loans?

Original post by A133nwa

I decided to carry out research on how high interest is harming us.

Us as individuals or us as a society? Harming as in financially, socially or ethically? Us in the UK or us as in students or people in the Third World?

Original post by A133nwa

The people who are angry about the interest rate please write those questions that you want them be answer.

You need to give us some more information.

Reply 5

Simes

Original post by A133nwa

for your information do you even know why the interest rate is so low? and do you even know who is affected by this I am providing you a link READ, http://www.bbc.co.uk/news/business-26446664

Isn't that talking about the amount of interest being paid rather than the amount being charged?

Which is it you are angry about?

Reply 6

A133nwa

Original post by Simes

Interest on what? National debt to the World Bank or IMF? On unpaid tax? On Wonga loans?

Us as individuals or us as a society? Harming as in financially, socially or ethically? Us in the UK or us as in students or people in the Third World?

You need to give us some more information.

Well on "pay day loan" and taking simple loan from the bank.

Its can be individuals as well as society.

Mainly Focusing on ethically, but you can give suggestion on socially.

and lastly Us in the UK

Reply 7

A133nwa

Original post by Simes

Isn't that talking about the amount of interest being paid rather than the amount being charged?

Which is it you are angry about?

I am angry about the whole concept of charging interest it just make the rich people more richer and the poor just get more poorer.

Reply 8

Jebedee

Don't borrow then.

Posted from TSR Mobile

Reply 9

Simes

Original post by A133nwa

I am angry about the whole concept of charging interest it just make the rich people more richer and the poor just get more poorer.

Well, that's how it works, except within a capitalist system you can borrow money to invest in property or ideas and make yourself more money than the interest.

Is it the ethical or moral aspect of it in principle you are concerned about, rather than the interest rates and potential usury?

Reply 10

Reue

Original post by A133nwa

Im still not sure who you are referring to as being potentially angry by 'high' interest rates when clearly rates are comparably low.

Reply 11

Reue

Original post by A133nwa

I am angry about the whole concept of charging interest it just make the rich people more richer and the poor just get more poorer.

Interest is charged to offset the risk involved with lending people money, and to finance the infrastructure required to do so. Nothing ethically wrong with it at all, no-one forces you to borrow.

Reply 12

Quady

Original post by A133nwa

So you think pay day loans are less ethical than loan sharks?

My simple loan from the bank is charging me 2.8% - how is that high? :s-smilie:

Less than £300 a year on a £10,000 loan.

Reply 13

Quady

Original post by A133nwa

I am angry about the whole concept of charging interest it just make the rich people more richer and the poor just get more poorer.

The rich don't borrow?
Are you off your head?

If anything the poor are being hurt by low savings rates right now rather than by borrowing costs.

Reply 14

Simes

Original post by Quady

If anything the poor are being hurt by low savings rates right now rather than by borrowing costs.

That and the inability for them to get loans because nobody wants to lend because the interest rates are low.

Reply 15

A133nwa

Original post by Simes

That and the inability for them to get loans because nobody wants to lend because the interest rates are low.

you yourself have just said that no "nobody wants to lend because the interest rates are low" see the interest came again that mean if some one is really in need of money no one can help due to reason being interest is low. Is init the bank suppose to help like look at Islamic banks they do not charge interest and do profit and loss sharing which will help both parties either if you make profit both the parties can share and if you make loss both can share that too unlike conventional bank leave the customers to pay everything including interest no matter if that person can survive or not.

Reply 16

Simes

Original post by A133nwa

Would you please post again, but this time use some punctuation? I cba trying to decode it.

Reply 17

A133nwa

you yourself have just said that no "nobody wants to lend because the interest rates are low" see the interest came again. That mean if some one is really in need of money no one can help, due to reason being interest is low. Is init the bank suppose to help? like look at Islamic banks they do not charge interest and do profit and loss sharing which will help both parties either if you make profit both the parties can share, and if you make loss both can share that too. Unlike conventional bank leave the customers to pay everything including interest no matter if that person can survive or not.

Reply 18

Simes

Thank you.

Original post by A133nwa

Is init the bank suppose to help?

Sort of. They are commercial operations, not charities. They cannot see it being worth their while taking the risk making loans for such little profit, so they don't.

But there are other lenders available, just less conventional and traditional than the high street banks.

The government (through the Bank of England) sets the interest rate with a number of factors in mind when they do so.

Original post by A133nwa

like look at Islamic banks they do not charge interest and do profit and loss sharing which will help both parties either if you make profit both the parties can share, and if you make loss both can share that too.

But don't the Islamic banks have a reputation for having very little tolerance of risk? That is, they only lend where they know they will get a positive return? When there is that little risk, all sorts of people will lend money, including the high street banks.

Reply 19

A133nwa

Original post by Simes

Thank you.

Sort of. They are commercial operations, not charities. They cannot see it being worth their while taking the risk making loans for such little profit, so they don't.

But there are other lenders available, just less conventional and traditional than the high street banks.

The government (through the Bank of England) sets the interest rate with a number of factors in mind when they do so.

But don't the Islamic banks have a reputation for having very little tolerance of risk? That is, they only lend where they know they will get a positive return? When there is that little risk, all sorts of people will lend money, including the high street banks.

But is in this a good idea if you know before hand that whether you will make profit or loss, rather than actually making a lose and then realizing it. Islamic help you and let you know very clearly that if your project will be successful or not. Also how come some of the authors have mention that Islamic finance is is the solution for current economic crisis plus they have actually survive during that time.

Also if you have any question that you want me to include in my questionnaire please do let me know.