We consumers already have the ability to avoid those high interest rates.
Pay off your credit card balance, and you avoid those interest charges.
Anyone carrying high credit card balances from month to month, has some deeper financial problems than the interest rate on that credit card.
Sounds easy but not always. Synchrony Bank is notorious for not following the law as it pertains to payment allocation. I think the Govt has tried to do something about it but it is slow.
They need to be sued in a class action suit.
If you have any kind of promotional deal through a store like Lowes or Amazon etc with them watch your payments and your balances.