Americans take credit and credit cards for granted.  But the truth is, banks do a lot more than just make you a small loan when you use plastic.  Banks carried $565 billion on credit cards in 1998.  That's a huge chunk of money, and the interest a bank charges must be subject to market forces.

Yes, banks solicit people to buy their products, but no one forces you to sign for a card and rack up debt.  As James Accomando, president of Accamondo Consulting, told the industry newsletter Card News, "the suggestion that banks are pushing people farther into debt by making products available is ludicrous.  There's an entire aisle of candy [in the grocery store].  The bank isn't saying go into debt any more than the grocery store is saying eat a lot of candy."

Congress is threatening to act against the banking industry, but the American people aren't children.  If they can't keep away from the "candy" of credit, they become bad risks and are no longer issued cards.  That's why banks use late fees and punitive interest rates.  They discourage people from not paying their bills.

Would the price controls proposed by legislators like Senator Chuck Schumer (D-NY) and Congressman John LaFalce (D-NY) help consumers?  Bankers say no.  The proposed laws would force them to tighten credit, denying cards to people on fixed income who must charge to make ends meet - and the price of a credit card account might not fall for everyone.

A credit card application is a contract, one that shouldn't be taken lightly.  Congress shouldn't act against banks because some don't read what they sign.  Remember, it's our savings the banks loan when people charge.  It's not fair to the banks - or us - if Congress gives deadbeats a free ride.