In light of the European debt crisis, the public has heard news broadcasts repeatedly state, "[for a government to stay afloat] the 7% level is widely viewed as unsustainable".
Why, then, are consumer lending companies allowed to force APRs upwards of 25 percent on anyone!? The answer is the millions of dollars in corporate lobbies. The fact is that it is just plain wrong. These APRs are unsustainable for any person, much less a government, and these unscrupulous lenders prey on the poor and lock people into insurmountable, endless cycles of debt.
We should crack down on this abusive exploitation and no longer allow credit corporations from turning us into indentured servants with no recourse. We should put a cap on APRs to keep loans repayable at a maximum of 8%, regardless.