Think debtor and consumer anger over extremely high credit card interest rates has abated?
It must really suck to work for credit card companies like JP Morgan Chase, CitiBank, or Bank of America, when customers are leaving one of your cash cow businesses because management can no longer offer competitive interest rates. Or worse, well known risk analysts and fraud investigators are calling for the destruction of your brand, as well as suggesting that some Too Big To Fail banks would be insolvent if forced to use Plain Jane accounting standards.
But, perhaps one of the greatest things about being a P2P lending investor, aside from making a 15% return on my P2P lending investments, is that you are constantly getting a from-the-trenches view of what is happening at the consumer, banking, and dare I say, cultural level.
Which is why that I believe P2P Lending will become a major player over the next decade because I sincerely believe the high credit card interest rate policy post Great Recession has left such a bad taste in consumer’s mouths that the ire and outright hatred will last for many years to come.