Hey, they repealed most of the usury laws. So now if a company want to charge twenty percent they can. And it has ALWAYS been part of the equation that some debts would remain uncollected, and interest/writeoffs would cover them.
But part of the reason usury laws should remain is to protect the lender as well. That way, only well backed lenders do the lending. And they do a better job of determining who is credit worthy than those who aren't.
If their expectation is that they can lend at 15-25 percent, not pay any attention at all to who they lend to, solicit new CC holders by the millions, then use the courts to pound their customers into debtors prison and bear no responsibility at all in the situation, well, sadly, they've succeeded.
Yep it works both ways and the lenders brought much of it on themselves. But I'm not convinced they were losing that much to start with.