Robert D. Manning was the editorial adviser to the Disinformation-distributed documentary In Debt We Trust (available on iTunes and DVD) and is the founder of the Responsible Debt Relief Institute. He writes in the Washington Post:
They’re yuppie food stamps. They give new meaning to the question “paper or plastic?” And they’re in everyone’s wallet. Americans have nearly 700 million all-purpose bank credit cards, plus nearly 500 million retail store cards — and they have transformed how we live and consume. Today, Americans are more dependent on credit than savings, a radical departure from the last major economic crisis, in the 1930s. Congress’s effort to change that, the Credit Card Accountability, Responsibility and Disclosure (CARD) Act signed by President Obama last spring, will go into effect in a few weeks. But it won’t fix…