Credit card interest rates do not grow an economy. High interest transfers wealth. It does not create it. We're often reminded that government's power to tax is the power to destroy. Exorbitant interest rates are no different.
High rates take away the spending power of consumers.
In recent years there has been much debate about consumer debt. Credit card counselors assist borrowers manage their high credit card debt. Some colleges ban credit card companies from their campuses who prey on students with little or no income source. Credit card companies contend that no one has an interest rate they don't want. After all, accepting a credit card with a high rate is free choice.