Charging an illegally high interest rate to consumers is known as usury. This statement is True.
Here's why:
1. Usury refers to the practice of charging an excessively high interest rate on loans or credit that is considered illegal or unethical.
2. Laws exist in many countries to protect consumers from usury by setting limits on the maximum interest rates that lenders can charge.
3. Usury laws aim to prevent predatory lending practices that can lead to financial hardship for borrowers.
In conclusion, charging an illegally high interest rate to consumers is indeed defined as usury, making the statement True.
