I have looked at it. In fact, DBRS has a beautiful study that came out only three months ago. Remember that 70% of all cardholders pay off their credit card in full within the 30-day interest-free period, so they're not getting the 19%. Their effective gross yield is 13%; then you deduct costs of funds and you deduct the charge-off rate. Of course it varies over time in terms of the cost of funds and the cost of charge-offs; right now the cost of funds is low and the cost of charge-offs is skyrocketing, but the net is somewhere around 5% when you take off the cost of funds, the cost of charge-offs, and the cost of running the business.
This is what people are missing. They look at that big number of 19% and say “Oh, my goodness”, but they're not getting 19%. They're only getting 13%, and they have to pay for the charge-offs, they have to pay for the cost of funds, and they have to run the business. That brings it down to somewhere in the 5% range, and I don't think anyone would argue that a 5% return is outrageous.