[cva66snipe]

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.

[djf]

They weren't. That's why most of these major corporations are now banks. Or at least have a banking subsidiary. Why should they build something and have a profit margin in the single digits when they can make 15 percent as a lender?