It kind of concerns me that this much sympathy could be generated for the credit card industry simply because Obama is giving them a slap on the wrist. There are so many predatory practices that credit cards engage in, the jacking up of interest rates for no reason along with a mountain of fines even if they mailed your bill one day before it was due are among the worst.

The kind of interest rates that credit cards charge now would have been considered usury in the past, and was until a Supreme Court ruling in the 1970s. It should be a lot harder to get credit than it currently is. Credit card companies are not only ensnaring consumers under a pile of debt, but they are being extremely irresponsible with their own money and only through jacking up interest rates and charging a large amount of fees are they able to recoup that money.

As a matter of fact I view this culture of debt that American consumers are becoming mired in as a great cause for concern, both from an economic and moral standpoint. It’s very unhealthy for us as a society.