I think the APR will make a difference compared to the past. Nobody holding HBD wants a haircut but once it happens (or is close), the 10% interest is still an incentive to hold that wasn't there before. Can't speak for anyone else but I just stashed some more into savings despite haircut being a real threat. I figure I'll likely hold it long enough to get out of haircut even if it does happen, plus the 10%/y. (Or maybe another pump and 5% or more bonus return.)