Quote:
Originally Posted by DwnWthVwls
@Frown - It also bankrupts you with health expenses but lets ignore that for convenience sake.
@OH - Please show these agreed upon standards.
Also, I'm ignorant to finance and economics, my education would be useless to most in this dilemma. The point you were addressing was more of a street smarts assessment than book smarts.
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Find it yourself. Look up history of usury and ethics of lending and banking practices.
On being educated, some things seem so simple you think it’s street smarts but in fact you were taught certain things. An uneducated person might not understand what interest is, how a percentage is calculated, or even what a percent is. The way you argue is tedious and not worthwhile once you start trying to pick apart an unassailable thesis. It’s universally agreed upon that people well versed in banking ethics and practices should not exploit laypersons beyond traditional rates which run from around 3 to 10%.
As for comparing our banks to every other industry: no thank you. Every comparison is tedious false equivalency although elph is right that unethical business practices should be scrutinized across the board.