[perl4ever]

No, because the expense of processing loans becomes more significant the lower interest rates go.

It's like people complain about gas prices not dropping as much as the price of oil, ignoring that the non-oil costs largely don't go down.

Also, as something I read pointed out, the fact that people are rushing to "risk free" debt doesn't mean they are equally rushing to loan money to you, which has some risk.

So for both reasons, consumer loans aren't dropping as much as you'd hope.