Quote:
Originally Posted by anotherblack944
Take a closer look at the APR. I bet you will find them a LOT higher than they used to be and with strict terms so that they can more quickly default to the ASTRONOMICAL rate.
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The cost of
everything has gone up (not surprising considering the Fed's monetary policy), why would it be considered a "crisis" because the cost of borrowing money has also gone up?
And I don't consider 0.0% for 9-12 months any higher rate than I've received previously. (I know, I know, the idea of the rate is to get me to borrow with the expectation that I won't pay it back within the introductory rate period and they'll make a good return lending to me later in the loan period.)
The point of my comment -- which most commenting seemed to understand -- is that this "crisis" is really just about people and businesses that have gotten themselves into bad financial positions (by borrowing too much) and are now not able to borrow any more.
I don't call that a "crisis," just
sound business practices by the lenders.