It is true that in the past Americans have taken on a ton of debt.  With wages stagnant, unemployment high and families up against the wall – credit created the elasticity that kept many families living check to check afloat.  But the banks have been very mecurial  -  loving those who keep revolving credit balances and penalizing them at the same time.  The system has been set up with what Elizabeth Warren referred to as “tricks and traps.” The result has been a mess where banks jack up rates almost on a whim, change due dates, include non-usage fees and do anything else you can think of to wring more money out of the consumer.

Some of these new regulations regarding credit are designed to plug some of the holes. Of course the system is still full of holes you could drive a truck through. Jon Stewart had a wonderful take on all of this.

Here is the video – hilarious – particularly the second half.