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No. of Recommendations: 1
If they were concerned about you defaulting, they shouldn't jack up your interest rate.


I couldn't agree more. In fact, I don't think interest rates over 20% should ever have been legal. Congress should throw an interest rate limit in with bankruptcy reform if they really want to do something helpful.

The banks excuse is that as defaults and the likelyhood of default increases, they need to charge more interest to offset the risk. I think that banks should instead be more careful in their lending practices and be held more accountable for their actions. Borrowers bear the responsibility for their debts, but these types of lending practices are burying people on the edge.

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