Credit card lenders have become increasingly predatory. Interest rates are very high and it is difficult to find lenders. If you do find a lender the terms are often very expensive due to the fact that there aren't many options. If you get behind it is nearly impossible to be able to repay.
Used to be that we had usury laws that prevented lenders from ripping people off. You could not charge above the prime rate, no matter who you were. Now, licensed lenders can charge any interest rate they want so they let anyone have a credit card, which they will never pay off because of the enormous interest rate on the card. It's keeping people in debt and our economy is being run on interest payments. And no, people don't understand this before they sign up.
I got a predatory credit card my freshman year in college that cost me my credit rating and built up even more debt on top of the student loans that I'm still paying off 7 years later. I actually brought that credit card company to court and won. More should try this.
Yes, I think that this is a very big problem and that it is going to be a thing that we will soon have to do something about and stop. I think that these credit cards are just trying to make people spend the money that they do not have.
No, the predatory lending of credit cards is not a serious problem, because people know what they are doing, and they choose to enter into very bad credit card terms anyways. The problem is that people just buy what they want, even if they can't afford it. The problem is with the consumers, not the credit card companies.