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I've been thinking about this and I like the analogy that the banks and credit agencies have learned well from the Mob. As long as you keep offering more credit (i.e. debt) you will have people on the hook for the long haul.
But how long will this house of cards stay up if people start to default on their credit cards en masse. As someone pointed out above, at least with a mortgage the lender has the house as collateral (regardless of the depreciated value). With credit cards... not so much.
Again, this is one of those situations where the industry and the consumers need to take their share of the blame.
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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