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Is the enforced need to engage in usury in the moral?

Discussion in 'Ethics & Morality' started by Maxwell511, Oct 29, 2020.

  1. Maxwell511

    Maxwell511 Contributor

    +246
    United States
    Catholic
    Engaged
    UK-Liberal-Democrats
    I have lived in the US permanently since 2016 and never felt like getting a loan or credit card. I worked and earned my money. Recently I needed to rent a car. However since I never needed to get a loan or Credit Card Hertz refused to lend me a car for my money. Because I feel some guy in Wall Street could not say I owed a bank money and paid it back. Therefore I was untrustworthy in the eyes of Hertz to operate a motor vehicle. I had a similar issue with Comcast on a student visa but that was okay because Bernie Sanders had previously set up a local internet company that would accept cash be itself. When he was previously Mayor of the town.

    I got a credit card now cos it seems necessary although I don't like the idea. Is this stuff moral? Back in the old country in Europe need to have banks and other creditors to lend me money to obtain basic services from other companies was not a thing!
     
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  2. Tanj

    Tanj Redefined comfortable middle class

    +5,933
    Australia
    Atheist
    Married
    Credit cards are only usury if you don't pay them off in full by the due date. If you do that then instead they are a handy way to manage day to day expenses, and pick up some frequent flyer miles for nothing.
     
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  3. Aussie Pete

    Aussie Pete Well-Known Member Supporter

    +4,870
    Australia
    Non-Denom
    Divorced
    Moral? No? Ethical? No. It's the way of the world and there is little that you can do about it.
     
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  4. dqhall

    dqhall Well-Known Member Supporter

    +2,611
    United States
    Christian
    Single
    I have used credit cards for years. I rarely use my ATM card. I might spend cash at a bridge toll booth or coins at a gas station vacuum.

    I get 2% cash back with one card I have. They put it on my statement. I may use it to purchase things online or get a statement credit.

    Credit card interest, subprime auto loans, subprime mortgages, payday loans and pawn shop loans are legal usury.
     
  5. RaymondG

    RaymondG Well-Known Member

    +3,431
    United States
    Christian
    Married
    I lot of people who dont like credit cards, dont like them because they know they would not be able to control themselves with them. They would spend more than they are able to pay back, and may or maynot be able to pay it back later. They treat it as if it was their own money, and worry only about what they want now, and not the one who is lending you the money.

    For this reason, Those without cards are treated like those who have them and use them poorly.

    I think there is some wisdom in this philosophy.
     
  6. durangodawood

    durangodawood Dis Member

    +7,039
    United States
    Seeker
    Single
    So... people faulting the tools for their own lack of self control.

    Actually thats reasonable. We overrate our capacity for self-direction. It takes a lot of conditioning, and many people simply havent had that.
     
  7. RaymondG

    RaymondG Well-Known Member

    +3,431
    United States
    Christian
    Married
    Yes, is it much like when people placed fault the banks for giving them loans for homes they could not afford.

    Didnt make much sense to me...but I understood.

    To correlate.....it would be hard to tell the differences between the one who took the loan they would not pay back, and those who would not take it because they knew they could not pay it back. So it is somewhat understandable to treat them the same.

    And safer choice would be those who have proven that they can take loans and have the money to pay them back.....
     
  8. Sketcher

    Sketcher Born Imperishable

    +6,618
    Non-Denom
    Single
    US-Republican
    I view credit cards as a method by which I can spend money that I already have in the bank.
     
  9. RaymondG

    RaymondG Well-Known Member

    +3,431
    United States
    Christian
    Married
    I use to be against Credit cards as well......until I discovered that they would actually pay ME to use them... they've paid me over 1k to use them so far and now I feel a little foolish for not starting to use them sooner....
     
  10. WrappedUpinHisLove3

    WrappedUpinHisLove3 Well-Known Member

    +1,288
    United Kingdom
    Christian
    Private
    It probably isn't ethical or moral but not all debt is forbidden in the bible.

    and there is no real choice for us God unders tend that
     
  11. essentialsaltes

    essentialsaltes Stranger in a Strange Land

    +16,610
    United States
    Atheist
    Legal Union (Other)
    Maybe look into an Islamic bank in your area. Islam also has strong prohibitions on usury, and they jump through various hoops to provide banking services that are compliant with religious law.
     
  12. jayem

    jayem Naturalist

    +5,115
    Atheist
    Married
    I don’t like carrying more than $20 or so of cash around. So I have 2 credit cards that I use pretty regularly. I get cash back on both. And I always pay the balance off every month. So I earn money using the cards. You have to be disciplined. Credit card interest can be ruinous.

    Even without my paying them interest, the card issuers still make money on my purchases. The merchants are charged a 2-3% fee by the card networks on every transaction made by a card user.

    Edited to add: It’s almost a necessity these day to have a credit card. Using it prudently, and never missing a payment is the road to a good credit score. Having a good FICO score (like 750 or higher) can make your financial life a lot easier.
     
    Last edited: Nov 14, 2020
  13. The happy Objectivist

    The happy Objectivist Member

    184
    +54
    United States
    Atheist
    Married
    You can get a debit card that just comes right out of your bank account instead of credit. And I wouldn't call it being forced. The car company has a right to set its terms and if you don't like them you don't have to do business.
     
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