The outrage in your credit card's fine print

Penalty fees make up nearly half of industry revenues.

By Mark Lange
from the August 13, 2008 edition

Blue Ridge Summit, PA. - Would you sign a contract that says, "Any term can be changed at any time for any reason, including no reason"? Anyone who uses a credit card already has.

Such are the absurd terms of the consumer credit-card industry, which is poised to be the next big crisis (after housing) that banks have aided and abetted in US households.

Americans have now racked up nearly $1 trillion in credit-card debt. As housing equity shrinks and costs rise, agencies such as Moody's report swelling numbers of accounts with balances three or more payments past due. Reinforced by abusive industry practices, the plastic safety net is becoming a permanent cage.