Hello again Michael, I've been reading through Vix Pervenit and issues around usury again. I've been feeling completely overwhelmed lately as to the practical implications that Vix Pervenit's applicability is still alive and well today... only that no one in the Vatican is talking about it out loud, and it's driving me a bit mad. The disconnect between something publicly condemned as a grave mortal sin for over a millenium, to now... silence(?) is a huge stumbling block in my personal life right now, especially my career and spiritual life.
If you don't mind me asking, what thoughts or advice would you have for someone like me? I currently work in the financial services industry (not involved in loans, more a supporting/creative role) in a major city where "usury" is intrinsically interconnected with all other major related industries such as real estate, law, insurance. Would you view working in a modern bank as tolerable within certain roles in this day and age?
Unfortunately, I don't think anyone asked zippycatholic this question online before he passed away. Sometimes it feels like my salary in tainted in some way, that I'm enabling/participating in grave sin, and thus as long as I continue I can't go to confession as a Catholic. As of now, I am ultimately hoping to transition out of the finance industry some time soon.
Sorry for rambling, I'm not expecting definitive answers, just hoping for some thoughts - I've been watching your series, keep up with the great work!
Apologies I don't recall chatting before. I generally don't give personal or spiritual advice to strangers, because I don't know your concrete circumstances. I also work in finance, specifically insurance and I can describe how I worked through it myself, because I have shared your concerns.
First is understanding when usury can be found and that's specifically in personally secured loans. Fortunately, in my case insurance companies generally are not involved even tangentially in usurious investments. Second is thinking through how my work is related to anything potentially usurious. I originally studied quantitative finance because I was intellectually interested in the calculations, however, I ended up avoiding investment areas such as ALM and annuities because I was concerned with being required to make unethical choices about investments. My work now is mostly data analysis around sales, which is not ordered per se to immoral cooperation and almost certainly not to any choices specifically around usurious loans. Third life insurance is a good thing and working in it provides services and benefits that support people and the common good.
I would personally find it very difficult to work in a modern bank. I would find it intolerable to work in residential, automotive or revolving credit areas. These are the central areas of usurious lending. It also appears that about 3/4 of commercial real estate loans are full recourse. So, I'm not sure I could work at a bank very long, unless there was a job not per se ordered to the lending like a security guard or potentially a bank teller.
In any case, I wish you luck and I hope you can find a good priest or spiritual director as you struggle through. Not sure how else I can help, but feel free to reach out again.
Appreciation and blessings from Sydney Australia.
Hello again Michael, I've been reading through Vix Pervenit and issues around usury again. I've been feeling completely overwhelmed lately as to the practical implications that Vix Pervenit's applicability is still alive and well today... only that no one in the Vatican is talking about it out loud, and it's driving me a bit mad. The disconnect between something publicly condemned as a grave mortal sin for over a millenium, to now... silence(?) is a huge stumbling block in my personal life right now, especially my career and spiritual life.
If you don't mind me asking, what thoughts or advice would you have for someone like me? I currently work in the financial services industry (not involved in loans, more a supporting/creative role) in a major city where "usury" is intrinsically interconnected with all other major related industries such as real estate, law, insurance. Would you view working in a modern bank as tolerable within certain roles in this day and age?
Unfortunately, I don't think anyone asked zippycatholic this question online before he passed away. Sometimes it feels like my salary in tainted in some way, that I'm enabling/participating in grave sin, and thus as long as I continue I can't go to confession as a Catholic. As of now, I am ultimately hoping to transition out of the finance industry some time soon.
Sorry for rambling, I'm not expecting definitive answers, just hoping for some thoughts - I've been watching your series, keep up with the great work!
Hi Addison,
Apologies I don't recall chatting before. I generally don't give personal or spiritual advice to strangers, because I don't know your concrete circumstances. I also work in finance, specifically insurance and I can describe how I worked through it myself, because I have shared your concerns.
First is understanding when usury can be found and that's specifically in personally secured loans. Fortunately, in my case insurance companies generally are not involved even tangentially in usurious investments. Second is thinking through how my work is related to anything potentially usurious. I originally studied quantitative finance because I was intellectually interested in the calculations, however, I ended up avoiding investment areas such as ALM and annuities because I was concerned with being required to make unethical choices about investments. My work now is mostly data analysis around sales, which is not ordered per se to immoral cooperation and almost certainly not to any choices specifically around usurious loans. Third life insurance is a good thing and working in it provides services and benefits that support people and the common good.
I would personally find it very difficult to work in a modern bank. I would find it intolerable to work in residential, automotive or revolving credit areas. These are the central areas of usurious lending. It also appears that about 3/4 of commercial real estate loans are full recourse. So, I'm not sure I could work at a bank very long, unless there was a job not per se ordered to the lending like a security guard or potentially a bank teller.
In any case, I wish you luck and I hope you can find a good priest or spiritual director as you struggle through. Not sure how else I can help, but feel free to reach out again.