Saturday, November 2, 2013

Honesty in lending - nice

Now I have - in the past - had the odd rant about moneychanging and money lending. Especially moneychanging. I love the story of Jesus cracking the shits and throwing the tables over in the temple. What a guy.

But credit is a useful thing. And grown adults should be allowed to do what they want. Ethical businesses who can make money off it, should be allowed to. Christians gave up their ban on usuary a long time ago and Islamic banking is emerging as a clever way to let people use money they don't yet have, and let them give back to their lender somehow.

So an ethical lender lets people make informed decisions. I was delighted to read my credit card bill today. I've let it run out to a couple of thousand dollars. And they added this helpful note.

Essentially:

" you can pay the minimum monthly repayment but at this rate it'll take you nine years and cost you almost $2000 in interest. If you double that payment it'll be fixed intwo years and you'll save $1500."

All credit to Woolworths Everyday Money. It costs them almost nothing (most people ignore these things) but they've done the right thing. Five paws.

2 comments:

  1. They like to pretend it's their idea, but it's actually a government requirement.

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  2. Point taken, David. Consider me shaken from my rose tinted view.

    ReplyDelete