WASHINGTON - Smart shopping, not government regulation, is consumers' best protection against mounting credit card debt, Federal Reserve Governor Lawrence B. Lindsey said Thursday.

"Each household best knows its financial circumstance and how much debt it can afford," Mr. Lindsey said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.