I intend to rout you out, and by the eternal God, I will rout you out. Credit card interest rates average an outrageous 18 percent, according to Consumer Watch. To me, that is tatamount to legal loan-sharking. The federal government must act to cap and reduce credit card interest rates. Granted, without bankers government couldn't issue bonds that construct roads, schools or highways.
Banks also provide personal loans for cars, homes, college tuition and other such needs.
But few would expect to pay interest of 18 percent or more on those loans. In each case money is borrowed. Yet one lender is held to a different standard. The lack of federal oversight over the credit card industry. States can regulate credit card rates, and rates do vary from state to state.