Government should create a credit service and issue credit cards at reduced rates for UK citizens

Credit Cards charge a high rate of APR on average. Many people clear their card monthly, while others pay high interest payments each month amount to billions. The Government could sell UK Bonds to raise funds to clear existing citizen debt and issue their card at a rate of 12% (or a 1/3 of the current rate). The Bonds should be sold at 4%, making the Government profit, and the remaining money saved would be spent into the economy