America's plastic crisis

WITH welcome words of warning to the credit card industry, the new Democratic political regime on Capitol Hill indicated that it will be far more sympathetic to the plight of consumers than their Republican predecessors in Washington.

But soothing words are not enough. The financial services lobby is so powerful that it will take a strong bipartisan effort among lawmakers to roll back the industry's unconscionably high interest rates and fees, which in many cases would make a mafia loan shark blush with shame.

Americans - many of them spending unwisely, others struggling to stay afloat financially - have rolled up outstanding credit-card debt of $750 billion to $800 billion - roughly $2,500 for every man, woman, and child.

Read more at: America's plastic crisis