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I am referring to the interest rates charged on the loaned money.
OK, thanks for explaining - however you originally asked about lowering illegal interest rates charged by loan sharks. As far as I know - illegal loan sharks are just what they are described as - "illegal" meaning they cannot be dealt with in the normal way.
The only way to deal with illegal loan sharking was for local citizens to create their own mutual societies and offer each other the chance to get loans. These groups could be supported better and then people wouldn't have to go to loan sharks or to credit companies.
Some purchases over here (in the UK) make sense when you use your credit company though - if I buy something on the internet using my credit card and the purchase falls flat or the company goes bankrupt I can get my money back from the credit company. That doesn't happen with bank cards or cash payments.
Also, there are other protections by using a credit card that buying by cash doesn't give me - if my details get compromised I get sent a new card and my credit details are changed immediately. That doesn't happen in the UK with cash or bank card purchases, if my bank details get compromised I have 2-3 months of hassle and delayed cash liquidity that just isn't worth it.
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