As home refinancing dries up as a source of cash for many Americans, credit card debt is rising faster than ever. Seeking to protect consumers from serious debt trouble, Congress is discussing the first significant legal restraints on credit card issuers imposed in many years -- and possibly the toughest ever. The banking industry argues that most people don't get into severe financial distress from credit card spending and that a crackdown on fees and other bank practices could dry up the consumer credit that drives the economy. But some consumer advocates say that the approximately 35 million households behind in payments or over their credit limits demonstrate that tough action is needed -- including caps on interest rates. Meanwhile, some economists warn that increasing the earning power of working-class families is the only long-term solution to consumer credit woes.

Marcia Clemmitt is a veteran social-policy reporter who joined CQ Researcher after serving as editor in chief of Medicine and Health, a Washington-based industry newsletter, and staff writer for The Scientist. She has also been a high school math and physics teacher. She holds a bachelor's degree in arts and sciences from St. Johns College, Annapolis, and a masters degree in English from Georgetown University.