News that the Competition Commission has told store card providers they must warn customers to shop around for a lower rate of interest, if they are being charged interest of 25 per cent or more, comes not before time.

But what strikes me as incredible, is that the Commission has set the trigger point, at which such warnings should be issued, at the usorious rate of 25 per cent.

If the Commission is going to set a level at which customers should be alerted, why not make it 15.5 per cent - namely around 10 per cent over the prevailing base rate?

Even at 15.5 per cent, store card issuers should be able to make a hefty profit. If a store card issuer can’t turn a profit at that level, there must be something wrong with their business model.

After all, there are plenty of credit card providers charging customers 15.5 per cent or less, and yet are still able to make a healthy return on their business.

So why is the Competition Commission so toothless? The fact that nearly 7.5 million store card holders are currently being charged interest of 25 per cent or more on their cards is frankly shocking – both that providers are allowed to get away with this and that shoppers are ignorant or lazy enough, to accept paying these exorbitant rates of interest.

If ever a consumer product needed tougher regulation, store cards have got to rank near the top. They are one of the biggest rip-offs on the high street, and the sooner this market is put in order the better.