I think the Government should step in and put a cap on the interest rates. I think some Companies take advantage of people and know that they will be stuck for a very long time with as high as the rates are. There should be a limit on how high it should be so that companies do not charge excessive amounts.
We should have a cap on interest rates. There are some predatory lenders out there that are charging outrageous fees and without oversight and regulation we will see increasing rates and people getting into more and more debt. Overall, this will harm our still-recovering economy and pull us backwards instead of forwards.
When a person signs on for a retail card all terms and conditions should be clearly displayed, and this includes interest rates. If they are particularly high the user of the card should be made aware of this so they can consider for themselves if using one is in their best interest or not. It is up to them to make this decision, and as adults, which they must be to acquire one, they can understand for themselves the advantages and disadvantages of a high interest retail card.
No, credit card rates should not be capped at the statutory interest rate, because they should be allowed to charge whatever the market would bear. People should know better than to get high-priced credit cards. They should just pay in cash if they cannot afford the high-interest rate of a credit card.