credit card interest rates way to high, page-16

As roaminoz says, the banks only profit because people want them to. Paying interest is voluntary. Nobody is forcing you to borrow.

But it is high risk lending, too, so the rates for those stupid enough to pay interest have to be high to cover the bad debts. CC lending never used to be particularly profitable for banks, but the high interest rates make them a soft target for people who don't understand finance.