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Longing For The Days When Charging Interest Was Illegal
It was called usury, and many considered it a mortal sin
Like many people my age, I have a large amount of high interest debt. Mostly student debt. The interest rates are all around 5%, and they are a source of constant stress and discomfort in my financial life. I also have a mortgage. The house has a much friendlier rate, but it’s still nothing to scoff at. I’ll pay thousands of dollars in extra money by the end of the loan.
Interest has always been uncomfortable. So uncomfortable, in fact, that in many societies, it was illegal. In religious communities, it was considered a sin of the highest degree. Only scumbags charged interest. It preyed on those who needed a loan and extorted them in their time of need.
Oh, how times have changed.
The capital sin
In both Judaism and Christianity, the Bible speaks out strongly against usury. There are various passages in which God speaks out against charging interest.
In Exodus 22, God says:
If you lend money to My people, to the poor among you, you are not to act as a creditor to him; you shall not charge him interest. If you ever seize your neighbor’s cloak as a pledge, you are to return it to him before the…
