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To the uneducated the first solution in price control is putting a cap on interest rates. This attack on a market regulated interest rate has bee tried for over four thousand years with dire results on the poor and the economy in general. Anyone looking top try this thinking that they are the first ones has not done any research into the history of controlling the interest rate. The high interest rates on those who have not established a credit history are high for a reason. The risk of loaning money to those who have a poor credit history or no credit history at all is a risk and should not be put on the ones who have shown responsibility in handling their credit so the interest charged to those with good credit is less that the interest charged to the higher risk groups. It is the high interest the credit card industrry charges that is most noticable to the public vecause they are the ones who use the card as an income supliment when there is something they want when they should havce done without the thing wanted until they saved up the cash to avoid the interest all together. The thing that should be avoided n all cases is the pay day loan. There is the place where eveyone who uses the pay day loan company is walking in with a sign tha t says really bad credit written accross their forhead. s are much higher as the risk is higher. When I looked at the pay day loans adertised on the TV I was shocked at what they charged. It was in the four digit range. So the result of letting the market control the price of borroweing money is that the silly, can’t w wait one pay period to save the money pays for the lesson of not being a practical person .
So if the government says the market is our of control and we need to control the rate of interest on loanslet the market set the rate what happens: