The only thing I'm surprised of is that the credit party lasted this long. You're right it's nuts to think people could easily get approved for mortgages that were more than their income and credit limits which matched their annual income - on each card!
What there should be is restrictions of your total credit based on income. i.e. if you make 35k a year, all of your revolving credit combined can only be 35k, etc. It may sound nuts to regulate this but the SEC regulates how much stock a person can buy on margin so I don't see why this is much different.
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