Kevin Rudd announced yesterday he will be reviewing credit cards as he has seen interest rates between 8 percent to 28 percent, an astronomical range. Rudd told Fairfax Radio he will be looking at the current regulations to find out why such a wide range exists.

“I am concerned about the effective regulation of the credit card industry in the past,” he said. “We will have more to say about that in the future.”

Rudd also noting that in his short time in Government, he’s very concerned on how interest rates have increased rapidly on Australian credit cards. I will be keeping a close eye on this matter and will keep everyone informed as more develops.

I would like to hear your thoughts on credit cards, interest rates and how big credit card companies get away with some many things. As we all know, it’s pharmacutical and credit card companies which have a majority over the economy, not to mention banks taking a nice slice.