Credit cards - What went wrong?

[Eddie Ziv]

Today, (8/20/09) the first phase of Credit Card Accountability, Responsibility and Disclosure (CARD) Act is being enforced which makes me wonder. In such a perfect capitalistic economy where competition suppose to weed out bad behavior and practices, we witness the government acting to control the whole industry. In another thread Josh Dorkin asked who's credit line has been cut or closed. We all find ourselves complaining about the credit card companies' fees and "unfair" practice. Do we really need to use them. Is Dave Ramsey on to something? Or maybe something is "imperfect" with Capitalism?