why save money when you can pay unlimited credit card interest?

Up to 70% interest - credit card aimed at the poor
I'll go back on my pledge to ignore The Guardian, at least for this article, which seems to avoid extensive bias.

A new credit card aimed at millions of low-income families is to charge interest at up to 70% - the highest ever charged by a credit card company.
Marketed under the slogan: "Stay in control of your budgeting", the typical interest rate on the new Vanquis card will be 49.9%, but for some customers the company judge as high risk, it will be 69.5%. MPs and debt campaigners yesterday condemned the rate, which is 15 times the Bank of England base rate and triple the standard rate on other cards. The card also has an annual fee of £19.

Norman Lamb, Liberal Democrat MP for North Norfolk, who recently completed a Treasury select committee investigation into credit cards, called the rate "staggeringly high". He added: "People on a low income tempted by it need to be given a clear financial health warning." Debt on our Doorstep, an umbrella group that includes Oxfam, credit unions and Church Action on Poverty, said: "It's an absolute disgrace that Vanquis should even be suggesting people borrow money on a credit card at that rate."
...
To find customers, Vanquis will trawl through the files of private credit rating agency Experian - it holds data on almost everyone in Britain - to identify individuals rejected by other lenders often because they have run into debt problems in the past.


It expects the typical customer to have an income of half the national average. Provident Financial's executive directors last year earned from £376,000 to £583,000, while the chief executive saw his pension fund rise from £916,000 to £1.3m.

How can a credit card company actually want to make poor people even poorer? This company will find people with no self-restraint, and let them destroy their finances all over again, to make a few bucks (actually, quid, as this is in Britain).

Will some company try to do exactly this in the US, or are credit card companies simply doing this already? Which should be done first, a cap on interest rates, or a ban on sending homeowners countless credit cards through the mail, when the homeowner has no ability to prevent the credit card company from sending those cards?