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You could explain the high rates of interest from three principles.The borrowers are using the issuer's funds, and the issuer needs to be compensated for letting the borrower use these funds.Credit card issuers need to acquire information on each applicant before a card is issued and this process is costly.Some borrowers do not repay for considerable periods.
Original text
You could explain the high rates of interest from three principles.
• First, you can also justify it from the principle that time has value. The borrowers are using the issuer's funds, and the issuer needs to be compensated for letting the borrower use these funds. Some borrowers do not repay for considerable periods.
• Second, risk requires compensation, and certainly, the credit card issuers are taking a risk when they let people use the cards. There is a risk that some users may not repay the credit card company.
• Third, you could also invoke the principle that people use information in making their decisions. Credit card issuers need to acquire information on each applicant before a card is issued and this process is costly. Unfortunately, the applicants who are denied do not get the card, but those who are approved must help cover the information costs.
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