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The government should control the credit card industry. I do not think the population of this country is qualified to be able to understand the scams and fine print of most credit card offers. I receive at least 3 credit card offers a day. Once I fell into their trap and had to get a credit counseling service to get me out of debt. It is to easy for a young person right out of college to get themselves into some serious debt quickly. In public schools, there is no educational curriculum that teaches about credit cards and bad debt. You have to learn the hard way or learn from someone who has made the mistake before. The credit card companies are making a huge profit from this ignorance. If the government monitored and set guidelines for these companies, there would be less debt in the United States and less bankruptcy.
Maybe the government can make the credit card companies air ads like the tobacco industry. Let the public know that credit card debt is bad and that you could spend the majority of your life paying off interests. The government also could limit interest rates. Another benefit, is that they could monitor legit credit card companies, and prosecute the ones that are ripping people off.

Learn more about this author, Don Rainwater.
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