Over the last decade, credit card companies have jacked up interest rates to a record high, costing Americans $25 billion each year, even though regulators say lenders’ risk of losses has declined. Now, in response to a new ban on excessive credit card late fees, the banking industry is threatening to punish debtors with even higher interest rates as lenders’ profits skyrocket.

In response to new late-fee caps announced on Tuesday, the banking industry’s largest trade group is arguing that consumer penalties and sky-high interest rates account for the risk of people failing to pay their credit card bills. But as a recent federal report showed, credit card companies have nearly doubled the interest rates they charge to consumers — far outpacing the financial risk they’re taking on by lending people money.

This means that corporate greed, not financial hazards, is behind the soaring credit card fees that cardholders face. Total US credit card debt has reached a new high of $1.13 trillion — and as big credit card companies work to consolidate their market power, experts say the problem will likely get worse.