Totally agree with you Mr Reasonable, children need to be taught applied maths, not just theoretical maths. I'm all in favour of people not being entitled to overdrafts of more than £100 until they're 21 unless they can demonstrate an income stream.
Banks should be made to agree credible overdraft reduction plans with customers, they should not be allowed to agree increases without a discussion as to how it will be repaid.
Credit cards should not be so ubiquitous, and credit card companies should have to demonstrate that they've given consumer advice to the borrower before they take out the card. Again no automatic increases without plans to reduce indebtedness.
Generally lenders should be barred from enforcing debts until they can demonstrate they have done everything reasonable to help out the borower, including reducing payments, making the term longer and offering re-financing terms on more cost effective terms. Only if they can demonstrate a lack of response from the borrower or a failure by the borrower to adhere to new terms can they take enforcement action.
As for APR, it should be capped at no higher than 10% about base for secured credit, 20% for unsecured credit, 30% for credit and store cards and 50% for high risk lending (such as pay day lending). APR shouldn't just be a guide either, all interest on loans should be at the APR, so these pay day lenders will make less money from their victims.
The reality of a payday loan is that if you borrow £400 in a month and payback £420, you've only actually paid 5% interest, however, that would be much less if that interest rate was based on the APR, and the APR was capped at 50%.