Problems in Plastic Economy?
Catchy title, but what is underneath? Are consumers really going to have a problem with the substantial debt in their wallets? In talking with someone who has one of the highest credit ratings possible, they stated they were getting "Change of Terms" notices where the rates were going up substantially. People that are struggling are going to have greater problems when the credit card issuers raise their rates to bleed those who will pay.
It is amazing that some of these cards are going to rates near and above 20%, which most would consider usury. Those who were just getting by are going to fall, while some who thought they were okay are going to be just getting by. What about the politics? Reduce your tax burden and you can pay your bills...then cut up those credit cards.
One of the best things you can do in life is erase your credit card debt...do not use those cards.
Warren Buffet financial advice: "Stay away from credit cards." (Yes, the billionaire Warren Buffet.)