An Immoral Debt

Many times the Supreme Court has ruled that CC interest being charged is :

“excessive, iniquitous, unconscionable and exorbitant, hence, contrary to morals (”contra bonos mores”), if not against the law”

Since there is no longer a “Usury Law” to speak of, lenders and creditors are generally free to stipulate the interest rates to be imposed on debts. As a rule, the interest rate agreed by the creditor and the debtor is binding upon them. This rule, however, is not absolute but sadly, the court can only intervene if this issue is raised before them.

What about the Bible's view on this issue?

The bank responsible for these unconscionable lending practices takes refuge under religiously-mandated self-sacrifice to atone for the sin of borrowing unwisely. But lending money under this situation has in fact incurred the ire of the Prophets :

Ezekiel 18:13
“Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him.”

The debtor therefore who entered into such a one-sided arrangement in good faith need not feel that his inability to meet the agreement violates his duty as a Christian.

God has even given debtors a breathing space:

Deuteronomy 15:1-2
At the end of every seven-year period you shall have a relaxation of debts, which shall be observed as follows: Every creditor shall relax his claim on what he has loaned his neighbor; he must not press his neighbor, his kinsman, because a relaxation in honor of the LORD has been proclaimed“

He also frowns upon these oppressor-lenders:

Mt 18:21-35
‘You wicked servant! I forgave you all that debt because you besought me; and should not you have had mercy on your fellow servant, as I had mercy on you?’

And in anger his Lord delivered him to the jailers, till he should pay all his debt. So also my heavenly Father will do to every one of you, if you do not forgive your brother from your heart.”

Now, isn’t it comforting that even the Lord is on our side?

Forget The Debt ; Not The Lessons

I was moved by this e-mail :

Good morning banker!

It's the first time today that I was able to hum a tune or 2 on my way to the office. Amazing! I almost forgot how good that felt - it's been a long time since I was able to do that.

I have a clearer direction now. The calls have stopped though. I guess

I wish everybody reaches this stage - peace of mind- despite the debts.

Hope You make it too!

To Pay Or Not To Pay

1. You used that money
except if it is tainted with charges that are "excessive, unconscionable and against public morals"

2. You will be imprisoned
if you used a fake card, that is.

3. To stop the harassments
it wont and if you do not wish to report them to Bangko Sentral ng Pilipinas

4. So that I can have a good credit standing
can you erase an experience?

5. I will be liable for RA 8484
...if evidence warrants ( it does not)

6. They will get my properties
aside from family home and those exempted by law, do you have ANY they can identify ?

7. They are offering me a big discount!
if you honestly believe them

8. They will sue me.
they wont ; they can't

9. To have an NBI clearance
the clearance covers criminal cases, not credit card debts.

10. I want to get ANOTHER card
oh no, not again...!


Top Ten Reasons Why Should You Should Not Pay
10. The bank will not close because of me.
they will simply deduct your debt from their taxes

9. The bank will not entertain you.
they will simply refer you to their goons
It cannot compensate those sleepless nights, mental anguish, besmirch reputation and public humiliation you got.
not unless you just simply choose to forget everything?

7. They tricked me into signing a one-sided agreement.
did they made you look funny?

6. My account has ballooned from P 10,000.00 to P 200,000.00!
why should I pay one-fourth of my obligations as attorney's fee?

5. My father almost died of heart attack due to their harassments.
Can one simply just forget it as if nothing happened?

4. They are not authorized to make compromise agreements.
They haven't shown ANY documents to prove it.

3. I can only afford to pay P 500.00 a month.
You will just engage in a never ending financial marathon.

2. I would rather feed my family rather than their greed.
I"ll take that option anytime, my friend.
.........And the TOP reason:

1. I don't have the money!

what else can you do? sell your soul just to please them?