I am nearly willing to call 28% interest a hardship. That high of a rate makes debts difficult to repay, and is sufficient reason by itself for many to declare bankruptcy.
And yet this may sound bizarre, but history indicates that outrageous interest rates don't directly correlate with higher bank profits. A well-established bank that makes a good profit on 6% mortgages, 8% auto loans, and 10% credit cards will often find that they can't survive in markets where their only competition is a fly-by-night used car dealership or furniture store that charges 30% on their loans.
I've been in a tough, overwhelming financial situation myself before, so if you'd like to Freepmail me with some general information about your situation I might be able to offer some wisdom.
"I am nearly willing to call 28% interest a hardship. That high of a rate makes debts difficult to repay, and is sufficient reason by itself for many to declare bankruptcy."
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