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Can I blame the lenders and the progressives?
In general this argument that political pressure has forced businessmen to be immoral is not very convincing for me. I hope to live in a society where generally businessmen have lines they won't cross, like openly defrauding the poor.
They aren't "openly defrauding" the poor. We have all these disclosure laws about credit cards, which among other things tell people how much and how long they'll be paying if they only pay the minimum. The people who get into credit card trouble want to get stuff and pay only the minimum. They may want this because they are stupid and foolish, or they may want it because they figure if they get in deep enough someone will bail them out, but they want it.
Yeah I agree the openly defrauding was inaccurate. I'm angry about it. But you are right it's not fraud, though still immoral imo.
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I mean, sure, technically you aren't wrong.
But even with everything spelled out for them, few people appreciate the reality distorting effects of 30% interest. They don't appreciate how quickly it is to get in trouble, or how slow it is to get out. They either never learned, or never really appreciated the rule of 72. They never had pointed out to them that their credit card debt doubles every 2-3 years, while a gold standard S&P500 index fund earning the historical average of 10% takes 7 years to double. They have no grasp of the fact that everything they put on a credit card that is accruing interest is eating up 2.5x more of their precious life than the equivalent amount saved in an S&P500 index fund gives them back. Closer to 10x more than a run of the mill savings account.
Math, and especially interest rates, aren't real to most people. Even explained to them, it doesn't translate into years of their life like it should. It was certainly never taught to me that way, nor I suspect to you. It was only in retrospect, in my 30's, looking at my nest egg thinking "This represents 10 years of my life" did these realizations hit.
Now imagine you never have a nest egg.
If we arrange the world to "protect" people like that, we make life worse for all the rest of us. A lot worse, because these people are so incapable. Just as a world without fast cars and sharp knives is worse than one with them, so is a world without (or with very limited) credit cards or any of the other things those people can hurt themselves with.
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