Why doesn't the Government 'cap' store card interest rates?

[Iggle Piggle]

I have seen store cards with interest rates of around 29% this is daylight robbery and should be made illegal !
If you have one of these cards, take a bank loan at around 7 or 8%, pay off the store card and tell them to go whistle.

[dot.hawkes]

the rates vary depending on the credit scoring of the person applying for credit, i sell these cards and the majority get 13.5 to 18.5 if they get a higher rate it is cos they are a bigger financial risk, if you can't afford the credit, save up.

[Ethel]

Nobody is forced to take these cards - and the rate is always very clearly displayed.

We don't need nannying, we need to take responsibility for our own decisions.

I have one of these cards that gives me 20% discount on all my purchases, pre-sale purchasing and other offers. I pay in full each month so pay no interest whatsoever.

I like my card.

[WendyS]

Ethel is right. Nobody forces an individual to take out a store card with a high interest rate. The information is provided in the small print, and it's a case of caveat emptor if you don't read it. Used sensibly and paid of in full every month they can be a convenient way of buying goods, especially if they provide advantages to the holder. But especially now when the economy is tightening up, the motto should be "If you can't afford to buy it outright, don't use credit.. Save up for it first." There are very few consumer goods which are absolutely necessary. It's surprising what you can manage without if you really have to, to avoid going into debt.

[Iggle Piggle]

Thanks for the answers, I would not have one of these cards as my current Egg card charges 7.9% for debit and pays interest when in credit.
I do not agree with companies who charge people in debt more interest as I know what serious debt is like, and it is easy to spiral out of control due to greedy finance houses making thier directors fat out of somebody elses misfortune.
Rather than profit from misery, they should simply turn down the application.
Thanks for letting me vent !

[Loosehead]

tell you what lets make it illegal for people to be dumb enough to actually borrow money at those rates in order to fill their homes with crap they don't need.

[Reverandfunk]

Do people have their arms twisted to take put these cards?

If you're stupid enough to have one then you can't cry about the ridiculous interest rates.

At the Isle of Wight festival they were charging �6 for a pork cob. Daylight robbery but the same priciple, you don't have to have one.

[Markandshez]

Why is this the Governments fault ?

If people are daft enough to go for these products, they deserve what they get. Don't blame the government.

But vent away, it does make you feel better