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Credit card companies are increasingly turning to the legal system in their rush to collect money that is owed to them. But, there now exists a very big problem in this litigious-happy practice -- nearly all these lawsuits may be flawed.

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When MaryAnn Nellis tried to pay for groceries on April 14, her credit card was declined. She later found out why: Her credit card company, Capital One, had flagged an earlier purchase as potentially fraudulent. The problem? A $5 donation to Friends of Scott Walker, the Wisconsin governor's campaign committee, which she claimed not to have made.

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For obvious reasons, Americans' savings accounts are shrinking during this ongoing recession, both because there's not as much money to deposit and many more reasons to make withdrawals. This has consequences for the economy's long-term recovery prospects, as does another currently popular method of payment: the credit card.

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Consumer borrowing shot up $15.5 billion in June -- three times more than projected -- in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion -- the largest jump since spring of 2008. (more)

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The beleaguered banking industry suffered yet another blow Thursday evening after the Senate voted to impose price controls on debit transactions, a move that follows years of begging by retailers for governmental limits on the high charges demanded by banks every time a consumer swipes a debit card. The amendment is in a bill that still must win Senate approval.

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President Obama and his allies won't have an easy time as they attempt to do some major renovations of our financial system, but according to a new Washington Post-ABC News poll, they at least have the support of the majority of Americans.

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Credit card reform is great and all, but there's another problem that legislation can't exactly remedy: Americans' supersized spending habits. Oh, and since Congress gave banks nine months of lead time before enacting the Credit Card Accountability, Responsibility and Disclosure Act, those wily financial institutions were ready with a set of new tricks to part customers with their hard-earned cash.

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On Thursday, the House Financial Services Committee voted in favor of a bill aimed at creating the U.S. Consumer Financial Protection Agency, a watchdog organization designed in response to President Barack Obama's call for greater oversight and regulation of banks and other financial companies in light of the past year's economic implosion.

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