Let's see. Most credit cards are issued by banks. All banks enjoy certain monopoly benefits of being banks: they can create money out of thin air. In addition many banks have receieved huge taxpayer handouts, particularly some of the largest credit card issuers. Given this I believe that the industry needs to be regulated, perhaps more than most. The reason to grant banks the monopoly they have is not to make bankers rich, it is to make society work. 30% interest rates are not in societies best interest. For years, until bankers lobbied to have them repealed, many states had usury laws. In Connecticut until about 1982 no financial institution could charge more than 12% interest on a credit card. The banks seemed to be doing just fine, despite this restriction. When I was a kid 30% interest was associated with the mob. Now it's associated with JP Morgan Chase. Oh, I see I'm repeating myself.
Simple solution to 30% interest rates: DON’T USE THE CREDIT CARDS. I guess what you are saying that a viciously high interest rate of 16% or so was OK and the party chose to incure credit card debt, but now those same jerks want 30% so you want Congress to “fix it”.
Well, that’s life with borrowed money...and I want Congress to stay out of it. I am losing over $500 per year on rewards ALREADY because of complainers.