Skip to main content

Church Targets Predatory Lenders that charge up to 6,000 percent.

The Most Rev. Justin Welby, Archbishop of Canterbury, last week announced plans to use the Church's clout to take on a controversial new breed of money lender and "compete [them] out of business." Welby – a former oil trader who has been highly critical of banking practices while serving on Britain's Banking Standards Commission, a cross party group consisting of MPs and members of the House of Lords – wants to drive payday lenders out of business by launching a network of credit unions.

Struggling families and individuals unable to get credit from banks are among the customers of the pay lenders, who provide loans of up to £1,000 ($1,500) to be repaid when weekly or monthly wages come through. Though meant to be short-term, the loans involve astronomical annualized interest rates – for example, those offered by Wonga, which Welby specifically criticized, amount to 6,000 percent.

Read the complete article at -- http://www.csmonitor.com/World/Europe/2013/0731/Anglican-Church-sets-its-sights-on-predatory-lenders

By the way, did you know that predatory corporatists have been systematically modifying or removing laws that regulated the rates of interest or the fees they can charge consumers? Have you noticed the skyrocketing interest rates or high fees people are paying today? Many of the rates and fees charged today would have been illegal before – what the corporatists do today would have been called “usury.”


Wouldn't it be great if American churches got involved too?

Comments

  1. AnonymousDecember 12, 2020 at 10:38 AM

    Mr Benjamin went above and beyond their requirements to assist me with my loan which I used to expand my pharmacy business,They were friendly, professional, and absolute gems to work with.I will recommend anyone looking for loan to contact. 247officedept@gmail.com.WhatsApp ... + 19893943740.

    ReplyDelete

Post a Comment

Popular posts from this blog

Why did they lay their coats at Saul's feet?

The witnesses, laying their coats at the feet of Saul, were the men that would cast the first stones at Stephen in Acts 7. Why did they all lay their coats at Saul’s feet? The Talmud contains a very interesting account of the act of stoning that may provide the answer. “When the trial was over, they take him [the condemned person] out to be stoned. The place of stoning was at a distance from the court, as it is said, ‘Take out the one who has cursed.’ [i] A man stands at the entrance of the court; in his hand is a signaling flag [Hebrew   sudarin = sudar , ‘scarf, sweater’]. A horseman was stationed far away but within sight of him. If one [of the judges] says, ‘I have something [more] to say in his favor,’ he [the signaler] waves the   sudarin , and the horseman runs and stops them [from stoning him]. Even if [the condemned person] himself says, ‘I have something to say in my favor,’ they bring him back, even four of five times, only provided that there is some substance to what he
Post a Comment
Read more

Are Saul and Paul the Same Person?

There has always been some confusion over whether Saul and Paul is the same person. The confusion begins in the Book of Acts. ● “Then Barnabas departed for Tarsus to seek Saul . . . he brought him to Antioch . . . for a whole year they taught a great many people. And the disciples were first called ‘ Christians ’ in Antioch .” ( Acts 11:25-26 ) ● “ Then Agrippa said to Paul , `You almost persuade me to become a Christian .’” ( Acts 26:28) ● “ Then Saul , who also  is called   Paul . . . ” ( Acts 13:9a ) Based on the three verses above, we would assume they are references to the same person – but is he the Paul we read about in the Epistles? The name “ Saul ” doesn’t appear in the Epistles. In order to answer that question we must examine the stories of the “ conversion experiences ” of Saul in Acts and Paul in Galatians . Pay close attention to the time periods and places mentioned in both accounts. Saul’s experience is found in Acts 9 and it took
Post a Comment
Read more

Rabbi Stephen S. Wise’s Sermon at Synagogue on Jewish Jesus Causes a Storm

http://en.wikipedia.org/wiki/Stephen_Samuel_Wise#/media/File:Stephen_Samuel_Wise.jpg Rabbi Stephen S. Wise gave this sermon in late December 1925 and it set off a storm of protests in Jewish communities.  Before you read the article, it is important for you to be aware of some of the accomplishments of Rabbi Wise. ● a founder of the New York Federation of Zionist Societies in 1897 ● first vice-president of the   Oregon State Conference of Charities and Correction in 1902 ● appointed Commissioner of Child Labor for the State of Oregon in 1903 ● co-founded the National Association for the Advancement of Colored People (NAACP) ● founding of American Jewish Congress (AJCongress) in 1918 ● founded the   Jewish Institute of Religion, an educational center in New York City  in 1922 ● founding president of the World Jewish Congress in 1936 (created to fight Nazism) ● co-chair of the American Zionist Emergency Council in WWII ● held press conference
Post a Comment
Read more