Originally Posted by
mooper
How is it unethical? If I'm willing to let you borrow money for 50% APR plus a $10 transaction fee, how am I being unethical if you have the opportunity to simply say "no thanks"? Banks aren't in it for philanthropy; they are profit-seeking entities, and perfectly entitled to be such. If none is willing to offer you a rate or fees that appeal, then don't use their products.
I agree. Banks need to be compensated for the risks they are taking by offering these people credit. For that reason, I believe the interest they charge is fine. What starts becoming unethical are the ways additional fees are assessed that seems to not cover cost of doing business but are sneakily added to bolster banks' bottom lines.