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“We need a respectful, mutual listening, free of ideology and predetermined agendas.” Pope Francis, Let us Dream, December 2020

Stop loan sharks with fair lending options, frugal lifestyles, pope says

Usury is a grave sin that must be fought by building more just and humane economic and financial systems as well as by teaching people to live within their means, Pope Francis said.

The practice of usury – lending money at exorbitantly high interest rates – “humiliates and kills” just like a snake by “strangling its victims,” the pope told members of an Italian association dedicated to fighting usury and loan sharking.

“It is necessary to prevent it, saving people from the illness of debt incurred for subsistence or for saving one’s business,” he told the delegation at the Vatican on Saturday 3rd February.

But prevention should also include teaching people to live a more frugal lifestyle, he said.

People need to be able to tell the difference between what is “superfluous” and what is absolutely necessary, he said, while learning to never take on debt for things that one could live without.

“It’s important to recover the virtue of poverty and sacrifice: poverty, to avoid becoming a slave to things, and sacrifice, because one cannot receive everything in life,” he said.

The pope praised the association’s work in saving more than 25,000 families in Italy from loan sharks, thereby helping them save their homes or small businesses and recover their human dignity.

At the root of every economic and financial crisis, he said, lies a worldview that puts profits, and not people, first.

“Human dignity, ethics, solidarity and the common good must be the focus of economic policies,” he said.

Measures should be enacted to discourage practices that then push people to turn to unethical lenders, such as legalised gambling, which is “another scourge,” the pope said, that “grabs you and kills you.”

“Usury is a grave sin; it kills life, tramples people’s dignity and is a vehicle for corruption and impedes the common good,” he added.

Picture: In this 2013 file photo, people walk past a payday lending shop in London. (CNS photo/Suzanne Plunkett, Reuters).