A prominent business columnist is warning of a looming "credit card debacle" caused by irresponsible lenders and consumer behavior.

New York Times financial blogger Joe Nocera ran a lengthy email this week submitted by an unnamed contact in the banking industry. The contact predicts that as layoffs continue, more and more people will find themselves unable to pay off credit card debts, which is likely to send the companies back to Congress in search of more bailout money.

However, the mystery banker puts much of the blame for this looming debt mess on the credit card industry itself.

"The banks reel in the consumer, charge interest rates higher than those charged by the mob, increase lines without the consumer asking and without their consent, and lure them into overextending," the banker is quoted as saying.

The banker goes on to tell Nocera that one of the biggest problems in the current system is that few credit card companies actually bother to verify the income of card applicants. He also suggests that Congress should act to limit unsolicited credit card offers, as well as high credit card interest rates, which he calls "piracy."

Many creditors have already begun to tighten their lending standards and cut back on unsolicited offers, although in the process this has led to less credit availability in many cases even for those with good credit. With credit cards an increasingly unstable and unattractive financial option, one can still consider payday loans and other options to meet short-term cash needs.

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