Reasons why you should avoid interest money

[Good-Guy]

There are many people who earn interest. They wrongly believe that earning interest will make things easier for them. However, the reality is the fact that earning interest is actually quite bad and there are many reasons for that.

It increases debt

Countries that rely on interest have serious economical issues if you look at a bigger picture. If we consider issues caused by increase in interest rate at an internal level, then we may understand why interest is bad. When we offer loans and charge heavy interest, this may increase debt on the other party. In this way, interest money increases inflation internally.

Bad effects on interest money at international level

When tier 1 countries like the U.S. increases interest rates, this directly have an impact on the tier 3 countries that are already dealing with heavy debt. When the federal reserve increases interest rates, this may have some effect on the rate of dollar and international debt. As a result of this, inflation grows at an international level.

It makes rich richer and poor poorer

When we consider all these facts, we will understand how increasing interest rates make rich much richer. This is because they are the ones who are lending money to the other parties that require loans. As a result of this, they are the ones who get all the benefits. These are some of the main reasons why people should never earn or deal in interest at all.

 

[Phantasm]

There are several reasons as to why some people could choose to shun interest earnings. First, from a religious or moral point of view, certain faiths put charging or earning interest on the list of things that are morally wrong or exploitative as well. Second, if not properly managed, interests can accumulate over time thus leading to potential debt and financial loads. Again some just do not want the idea of having an interesting life since they would like to enjoy life rather than making it complicated through debts and loans that come with high interest rates.The lastly people usually avoid interests for variety of reasons in order to live simpler lives and be more balanced financially.In conclusion,one might choose themselves whether they would like profits originating from interests in their lives or not taking into consideration their values and financial aims.

 

[Augusta]

Yes loans that come with high interest will definitely increase the amount of debt you would be owing. Yes even countries that rely on interest have serious economical issues because they will have to pay high interest plus the loaned amount. The truth is that high interest is bad when you are already owing high debt When we get loans that comes with very heavy interest, this may increase debt on us So if you can avoid this then better.

 

[Holicent]

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[Suba]

It's not always that interest will be considered bad for a country's economic development, if the central bank also needs to increase the benchmark interest rate to reduce inflation, and reduce/withdraw money from circulation, high interest rates will also attract investors to buy bonds. The negative impact is that people's purchasing power will decrease. New jobs are decreasing, many companies are having difficulty operating. However, we as ordinary people often buy bonds to get coupons/interest as passive income.

 

[elecrown]

It increase debt 100%. So don't borrow money with huge interest rate but be the lender if can