Credit Cards: The Next Financial Crisis?

Ulzheimer says that, overall, Credit.com has recently been "buried" in complaints from disgruntled credit card customers.

More are likely to come – Ulzheimer said he expects banks will be grappling with credit card woes for a least another year.

In the meantime, banks should consider reducing how much they expect delinquent credit card holders to pay back – that's Manning's take. He says that banks stand to recoup more that way.

"It makes a lot more sense to come up with a repayment plan of 50 percent rather than 80 percent and push people into bankruptcy," he said.