Barack Obama calls for safeguards against predatory credit cards

“The truth is, our middle-class families are not going to be secure so long as they can’t get out of debt,” Obama said Monday, sharpening the populist rhetoric of his presidential campaign. “If we’re serious about stopping Americans from falling deeper in debt, we’ve got to crack down on predatory credit card companies that are pushing them over the edge.”

Hear hear. Senator Obama astutely observed that, left alone, the credit card industry could easily produce the next huge credit crisis, just like the subprime mortgage meltdown. This is especially true as new cards come out that are designed without any purpose but to generate fees while promising credit and an opportunity to improve credit scores.

The credit card industry is indeed starting to look like the subprime lending industry. Obama may be on the right track. Maybe we should regulate the credit card industry before it sends the economy into another tailspin, or just delivers the killing blow.