It's true. I may have actually been higher for some loans until I got a couple of promotions and had enough of an income increase to be able to refinance to a 5 year 4.75% loan at SoFi. Which itself still feels high as you watch DAILY interest compounding happen.
I lean fairly liberal, but I think we can make significant strides with this issue in the US by simply changing what max interest rates are and how this interest compounds. The way things work right now truly feels like robbery when you're in the thick of it.
We could limit max interest rates. If that had been in place, your loan would have been denied. Would that have been better for you? Might you have then chosen to get an illegal loan at an even higher interest rate from organized crime, with a risk of violence for non-payment?
I lean fairly liberal, but I think we can make significant strides with this issue in the US by simply changing what max interest rates are and how this interest compounds. The way things work right now truly feels like robbery when you're in the thick of it.