About Interest rate on credit cards.

Interest rates have been historically low in united states .One would think that should reduce the cost of all loans in our country ,not true . rate on credit cards remain anywhere from 15% to 24% with excessive charges for late fees and overdraft fees .Besides banks charge quite high fees to process the cards.Advances in technology has made their work simpler but no cost savings have been passed on to the consumers.This is one field efficiencies of scale has not helped the consumer.It is all because strong lobby by banking institutions.
If our national wealth is being squandered in paying unreasonable interest we all as nation pay for it.When group of make excessive money by circumventing the system we are all the looser .The banking debacle has costed all of us over 20000dollars and we have nothing to show for it.The best and brightest has failed us.
Actually one time all credit cards had a reasonable rates of interest and in early 80s as interest rates went up the credit card rates went up never to come down.It would be prudent to set the high limit for credit cards of 5 to 7 percent above the treasury note of 2 year period.Currently it would bring the credit card rate to around 10%. creating a national saving of 300 dollars per person on a loan of 3000 dollars.
Another change should be made that Bankruptcy should wipe out student loans in excess of $10000 for all students. it will help the really needy students who can not pay their loans.