Re: Wow
Unfortunately thats called giving people what they want. Bigger houses, newer cars, latest gadgets and we want it before we pay for it.
This is explicit policy and is supposed to drive economic growth.
Now the risk has gone up as have the interest rates to account for it. The insanely high APR on a credit card looks nuts until you see how many people cant pay back.
From where I stand I see falling interest rates accompanied by a shift of risk from the banks to the taxpayer.
The APR on credit cars is driven more by what the market can bear, especially in America, than by the real risks born. If credit risk was taken seriously chip'n'pin or ID required would have been introduced long ago.