Words of Wisdom:

"do not dare to look down opon the site "by neeraj shastry" - Baseball

Predatory Usury

  • Date Submitted: 11/18/2011 09:35 AM
  • Flesch-Kincaid Score: 53 
  • Words: 292
  • Essay Grade: no grades
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When a person secures a loan on their home (collateral) it should be fair and simple based on the maximum interest allowed by each state. In Arizona the maximum is 10%. But when I researched the scheme of usury my real interest is approximately 65%. There is nothing on my contract stating the use of compound interest not even in the fine print or any other type of mathematical equation concerning compound interest. If I Ioan a friend or anybody a $1,000 dollars at my loan interest through Chase Morgan at 8.1%, they owe me $1,081 dollars not $1,650. Compound interest is fraudulent, deceptive and a form of mathematical theft; a hidden agenda used by the banks to exploit the ignorant and unwary consumer. Now I understand why there are so many foreclosures especially here in Phoenix and the rest of Arizona, now second or third in the nation for foreclosures. In my recent research on the Internet I have found many different explanations and mathematical equations, some needing a degree in mathematics to comprehend. I feel such schemes and banking deception is totally unfair and a burden to working class families and those who would like to own their dream house. Such dreams become shattered when banks are no longer accountable for their greedy actions. Were all accountable when we steal from others or rob somebody, but the banks rob us everyday and never do one day in jail. I'm not saying put all the bankster CEOs in jail, but we the people must reform the banking system and eliminate the compound interest scheme and pay only the simple interest. I'm forming my own group called the People's Coalition Against Abusive Usury (PCAAU).

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