Comment: The borrower doesn't have a choice if that is the going rate.

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SteveMT's picture

The borrower doesn't have a choice if that is the going rate.

Auto, house, student, credit card, home equity, and payday loans are all in a narrow range of variability. If the borrower is desperate enough, they will borrow are any rate to postpone the inevitable a little bit longer, like our government has been doing.