Usury used to be against the law, but it was repealed in 1984. South Dakota then cleared the way for our young to get a credit card for 30% interest on a card they had to prepay. Some would be encumbered with extreme late fees and over limit fees that could ruin their immediate future. If this wasn't bad enough we are now seeing predatory loan shops that charge over 200% interest on car titles or payday loans. We may have to restrict businesses who grant more than 50% of their loans with an interest rate of more than 6 points over prime lending rate - or some formula that still allows non-predatory businesses to lend.
We are burdening our young, our English challenged and our mathematically challenged communities with easy places to get cash at exorbitant interest rates. In many cases this can ruin a family's future. It is societies place to protect those who are susceptible to any kind of predator.