A reader sent me this letter to the editor that was published in the Washington Post recently. Just when you think the banks could not be more out of touch with the reality of consumer debt comes this little gem.

If the banks are shirking their responsibility onto consumers to act as good credit stewards then there will be no end in sight to accelerating consumer debt. While it is true that the majority of people do not show signs of credit troubles, that does not mean that they aren't overextended, just not delinquent. It also does not mean that credit cards alone are the source of credit stress. There are lots of other avenues into the pockets of consumers through mortgages, home equity loans, secured and unsecured loans, store financing, and on and on.

The irony here is that there is no conclusive evidence that financial education prevents people from getting into money troubles. And oh yes, the statement that the banks are doing what they can to provide "manageable solutions" is a load or **** as well. In the U.S. banks do almost everything but allow consumers to make fair, reasonable and sustainable repayment arrangements.

Somebody needs to give that Eddie guy an Academy Award for great acting or a urine test to figure out what the hell hallucinogenic drug he's is on.

Michelle Singletary's March 4 Business column, "A Horror Movie for Our Times," was right to focus on the issue of debt in America.  As Ms. Singletary pointed out, the best debt is no debt.

However, some form of debt is a reality for most Americans today, whether that debt is used to get a college education, buy a home or cover unexpected medical emergencies.  When it's used wisely, debt can even probe to be a benefit.

Interestingly, credit card balances comprise only about 3 percent of the debt carried by an average American household.  Unfortunately, a small minority are unable to manage that debt.  Yet more than half of Americans pay their balances in full each month.  Still there is room for improvement.

The credit card industry has actively focused on providing financial literacy education to consumers of all ages and income levels.  Such programs provide crucial information to those for whom the concepts of credit and debt are new, and they provide manageable solutions for people who may find themselves heading toward or in financial peril.

EDWARD L. YINGLING
President and CEO
American Bankers Association