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Zer Netmouse
February 3rd, 2009
07:12 pm

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Do You Believe in Usury?

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From:nicegeek
Date:February 4th, 2009 02:20 am (UTC)
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It might seem gauche, but I always charge interest on any loan over a modest size, even to friends. This is because I've found that even if the loan is nominally interest-free, as long as it goes unpaid, it extracts an implicit cost in guilt, social tension, and/or feelings of obligation, and I don't think that there's anything either person can say to truly eliminate that cost. Charging interest makes it a business arrangement, where everything is neat and above-board.
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From:netmouse
Date:February 4th, 2009 02:24 am (UTC)
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nodnod. I think a big part of that implicit emotional cost is a recognition of the opportunity cost imposed on the lender.
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