Credit card failure will be the next feature of the credit crunch. It's bound to happen, soon. People are holding out by piling their cards with debt. It will all fall over in the not too distant future.
In the States they already have Carl Levin tackling the issue:
WASHINGTON - Sen. Carl Levin, D-Mich., today joined Sen. Chris Dodd, D-Conn., in introducing comprehensive legislation to improve credit card billing, marketing, and disclosure practices. The Credit Card Accountability, Responsibility and Disclosure Act (the C.A.R.D. Act) is aimed at stopping abusive credit card practices that deepen or prolong credit card debt held by consumers.
Why can't we take action, now? We're going to need it.