Are there too many defaulters because they (governments & banks) allow too much freedom, so if credit cards were better controlled there would be no need for high rates
I am not sure how our credit recovery system works now but the last time I spoke to a debt collector he told me that they were very restricted in what they are allowed to do especially with the privacy laws.
As with most things it could be that the problem is lack of management not the actual existence of credit cards and all the legislation that is put in place to protect us has the opposite effect and it takes our rights from us
