oops, guess that poll question range was too wide, not specific enough

[netmouse]

For those who answered (some form of) Yes, a certain loan interest rate seems excessively high, the majority responded that "too high " starts between 5 and 25 %, and I'd like to see a breakdown on that. Please answer this question too!

[Poll #1343223]

Comments

[sarahmichigan.livejournal.com]

I'm also of the "it depends" camp, but for slightly different reasons. I think that it's legitimate to have higher rates for optional expenditures over things that are closer to necessities. Car loans and home loans should be under %10, preferably under %7 while I think it's OK to have 15% rates on credit cards. I realize some people use credit cards for the necessities of life, but I also think it's a really bad idea to carry a balance on your card for the necessities of life unless it's an ultra-emergency.

[netmouse.livejournal.com]

I can see that. Car loans and home loans are theoretically also lower risk, since they are secured by property that can be reclaimed if the borrower defaults on the loan.

[sethb.livejournal.com]

Who gets to define "necessity"? Neither a house nor a car is; I have neither.

Are you suggesting that rates should be lower when you borrow, but it's OK for them to be higher in cases where you don't borrow?