Banking is a highly competitive industry.
If a bank tries to charge too much, customers will go elsewhere. Other banks will undercut them to win the business. Interest rates aren’t arbitrary—they’re shaped by competition, risk, and market forces. If banks were truly gouging people, new lenders would step in to offer better deals.
“Interest rates aren’t arbitrary—they’re shaped by competition, risk, and market forces. If banks were truly gouging people, new lenders would step in to offer better deals.”
Thing is the whole industry needs an interest policy reset. And that is not going to happen until they are ALL at risk of crashing as a whole industry.