4 ms·
From quickly researching this, it used to be much more restricted until the 70s and 80s, when a lot of deregulation took place.
by keiferski 3y ago
From quickly researching this, it used to be much more restricted until the 70s and 80s, when a lot of deregulation took place.
- prewett 3y agoAs I understand it, the interest rate used to be capped at something like 10%, but when the base interest rate rose above/near that, many people couldn’t get credit at all (why offer unsecured credit, which is high-risk to the lender, if you can’t charge the necessary premium over the risk-free rate).