ReSource Finance: Building Bridges to New Monetary Systems
The Blockchain Socialist
How Mutual Credit Can Help Lower the Rate of Defaults
In places like Africa where we're working, 80% interest, 100% interest on alone is common. It's just like sort of predatory lending that's happening in places where the financial system is more developed but institutionalized to have that type of extractive credit. So what we're thinking through is can mutual credit be used to lower the rate of defaults in general? Because now you can pay back by offering your time and your labor. You don't have to go work the job to get the money to then pay the creditor. And so therefore, it can be more affordable.
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