Monday, April 22, 2024

AWRIGHT DEN: A demonic system


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I live in a country that is governed by systems that seek to keep people poor and in bondage. It hurts my heart to see so many people become victims of these systems and be controlled by an ideology that is deceptive in nature and destructive in application. What is even more hurtful is that there are people who see how the system is destroying our people and refuse to say anything.
We were brainedwashed from within the womb and as a result we do not even know that we are still slaves. The end of the apprenticeship period was the end of visible slavery but the slavery of the mind continued and continues today. I am reminded of the words of Bob Marley, “emancipate yourself from mental slavery” but as beautiful as these words may be, one can only seek freedom if they first recognize and accept that they are slaves.
The Bible says that for a lack of knowledge, the people will perish. On December 28, 2012, I went to a financial institution to withdraw my savings to clear an urgent debt. I knew I would be able to put back the money within 30 days so I had no problems withdrawing it. I was encouraged by the staff at this institution not to withdraw the money but to take out a share-secured loan on the amount, which I did.
On January 28, 2013, I walked back into the institution with the exact amount of money and gave it to the teller. She informed me that I still had a balance of $18.50 (not the real amount). My eyes opened and I asked: “What balance you talking about,” She said interest was charged on the loan.
I responded: “But it was my money that you held and I returned it 30 days later, how can I be charged interest?” She said because interest was charged daily.
I gave her the money and went and talked with one of the employees in the cubicle who could better answer my questions.
Me: I was charged $18.50 interest in 31 days on a small loan, in which you were holding my money. What interest would be charged on a $32 000 share-secured loan?
Advisor: Approximately $200 in interest every month for just over 6.5 years. So in total your interest would be approximately $8 500.
Me: Since you charge interest daily on loans, do you give interest daily on savings?
Advisor: No
Me: That is demonic, this system is unfair.
I cannot see any benefit in any right-thinking individual taking out a share-secured loan. Imagine you have $5 000 in savings, you take out a share-secured loan for the same amount (meaning they hold that amount until you clear it off), the institution is going to use your money to lend to other people and make a profit, invest it and make a profit and still charge you interest on your own money. This has to be abuse.
Me: Can you please work out the interest and payments on a $300 000 mortgage?
Advisor: A $300 000 loan for 30 years will gain a total interest of approximately $415 000 with monthly payments of approximately $2 000 giving you a total of $715 000.
I do not know what is the average salary for most Barbadians but I don’t believe most civil servants make $4 000 a month. How can it be fair for an individual to pay half of their income to concrete and board for the majority of their working life?
We have been programmed to believe that the purpose of life is to work towards building a house. As a result, thousands of people have been sucked into and stuck in a system that holds them in bondage for countless years, keeping them poor.
Imagine we boast about our 99 per cent literacy rate and our free education, yet we take all of that and be slaves to financial institutions by giving our souls and sanity to pay for wood and concrete.
Can you imagine if many Barbadians were able to build their homes cash or with very little help from financial institutions what would happen to the billion-dollar mortgage industry?
I purpose in my heart never to be a slave to this demonic and unjust system.
• Corey Worrell is a former Commonwealth Youth ambassador.


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