From a European (German) perspective I am really amazed about this.

We do generally not use Credit Cards as method of getting credit but just as a payment tool. For creditvon short notice, I currently (would have to) pay 9.5% for my bank overdraft which appears to be a fraction of these rates in the US.

However, these rates fuel the fear I have had for long: The mortgage crisis was not the last unpleasant surprise the US will have for the economy, the CC crisis is going to follow: Nobody, being seriously in debt will be able to pay off the debt and these interest on top....