Raise Credit Card Interest Rates

While driving around Los Angeles the other day I heard a segment on the radio complaining that credit card interest rates were to high and that credit card companies were ripping off the general public. What I found interesting about this segment was that before talking about CC APRs the journalists were talking about the housing market and how these big horrible banks were giving out variable loans that people could simply not afford once rates start going up.

After experiencing the subprime-lending crisis why would we want lower credit card interest rates? If americans are out spending money they don't have and willing to pay 20% APR what do you think would happen if credit card interest rates were lowered to say 12%? Or 8%? Would spending go down? Or would people spend even money they don't have and can't pay back?

That is why I conclude that we should let credit card companies raise interest rates as high as they want. Maybe then people will stop over spending on their credit cards and by the time kids go to college they'll know how nasty credit cards really are and not sign up and blow their limits at the bar.

Thoughts?