10% is enough

If you read what the Bible has to say about lending money, especially the Old Testament, you will notice that the big picture is that God wants people to get out of debt. Take for example the provision of the Jubilee year when a person's debts would be forgiven and family land would be returned.

Throughout much of Church history the term usury has been used to refer to charging excessive interest on a loan.

The word usury has lost its place in the vocabulary of most Christians. But today, in the chaos of our current financial situation, we are just beginning to feel the affect that usury can have. But usury has been a foundational part of the greatest moral problem of our time, human trafficking and modern slavery. Often times people will be given a chance to "work off" their debt, but will be required to purchase goods from the company store and pay rent for their sleeping area. Many times they will be charged interest rates as high as 50-75%.

There is a group that is now proposing a cap on the interest rates that Financial Services organization can charge in the US. Their campaign is called 10% Is enough. Basically they are calling on banks and credit card companies to cap the interest rates they charge on credit cards, pay-day loans, etc. You can learn more by watching their video or reading this blog post from Faith and Leadership.