Nearly seven people in 10 want the government to impose a cap on the interest rates that can be charged by credit companies, a poll suggests.

Plans already exist to ban excessive rates on credit and store cards.

But campaign group Compass claims its survey of 2,095 people shows the public want tighter controls on all forms of credit, including pawnbroking and so-called payday loans.

It says the unsecured credit sector "causes misery for thousands".

Research published earlier this month by Consumer Focus suggests 1.2 million people are now taking out short-term payday loans every year, borrowing a total of £1.2bn.

Such loans can provide a quick and efficient way of getting hold of credit, but some providers have been criticised for charging interest rates of more than 2,500% a year.

Remember, payday loans are fixed term due after a very short period. There would be no profit if the interest was in line with long term loans. If they fix interest rates to a low level, then the lenders will just charge "arrangement fees" to make up the difference.

Screw the caps. If people are foolish enough to borrow long term on credit cards, then that's their own fault. Banks will just find something else to make money on. Charging for current accounts or cash withdrawals for example.

No, I just think people should be responsible for their own finances. I also think basic banking services should remain free, but that might not happen if you legally limit banks in other areas.

Just a few simple finance lessons in school would make a massive difference.