It turns out Fed Chairman Ben Bernanke agrees:
"There's been a surge in delinquencies and foreclosures, particularly in subprime lending with variable rates that adjust ... and that is a concern to us."He has suggested national standards to prevent such lending. Three cheers for a Federal Reserve Chairman who recognizes that building a culture of high-interest debt is not the smartest way to generate economic prosperity!
(I probably feel especially strongly about this at the moment because I've been reading Bleak House, and characters like Richard and Mr. Skimpole and Mr. Jellyby and Mr. George just make me crazy with how far they get into debt, and then can't get out!)