Former Fed chief warns solving credit crisis will take time

WASHINGTON - Former Federal Reserve Chairman Paul Volcker said Wednesday on Capitol Hill that there are no quick and easy answers to the country's credit crisis.

As consumer debt reached $15.3 million in March, according to the Federal Reserve, Americans seem to be making greater use of credit to compensate for the rising prices of food and fuel. In the background of this crisis, Americans have been spending more than they are producing, Volker said, and an adjustment needs to be made sooner rather than later.