Originally Posted by
GogglesPisano
Don't tell me you buy into that line from the Big Banks. They charge what the market will bear, not in order to punish the rest of us for someone's default.
wrong.....most high interest rates are charged so the bank doesn't lose money on high risk loans. And the more people default, the higher the rate goes. or the loans stop. But if they stop people cry unfair. And how much in taxpayer dollars have gone to bank bailouts (or unpaid student loans), whether legit or not? So yes, I pay for your defaults either in interest rates or taxes. And BTW, my info is not based on pro big bank/oil/whatever, but by 12 years in the loan industry.