High interest rates are painful to every segment of the economy.
My lowest interest rate card was 7.9% for the last 20 years, now it is 11.9%
I have looked at rates for new cards today and it is basically 19.99% - 29.99% (Variable) across the board
I do consider that to be Usury, but I guess it is not considered so in Delaware.
if the delinquent 20% were to file bankruptcy, it would still not hurt the banks because they would just write it off on their taxes and they would still unethically be making huge profits.
F them
Credit cards interest rates are high because it is unsecured debt. If you want a 8% rate for an extended loan, use a Heloc.