"Won't save stupid from debt."

Before we got all our debt paid off I noticed that there was a new addition to our credit card bills.  A little section that tells you how much you will pay in interest if you only pay the minimum payment each month.

It's cool and all, but shouldn't people already know the general gist of this?

Not paying off credit card in full each month = paying interest

I read this article today from the New York Post.  It's titled, "Credit Card Reform Law Won't Save Stupid from Debt."

Heh... it makes me laugh.

Here's an excerpt that particularly caught my interest.

As Obama declared when he signed the law, the Credit CARD Act is for "people who found out that credit cards are a one-way street. It's easy to get in but almost impossible to get out." Really? Is there anyone out there who hasn’t gotten “out” of credit card debt by paying off their bill?

 Hmmm... did Obama really say that?  I really hope not.

So I googled it.  I was kind of hoping that maybe it had been taken out of context.  But here's an article from May of last year regarding the credit card reform:

Obama said the law is for "people who found out that credit cards are a one-way street. It's easy to get in but almost impossible to get out." He warned, however, that the law doesn't give consumers an easy pass: "We expect consumers to live within their means and pay what they owe," the president said.

I'm sorry, what?

John gets a credit card.  John spends money he doesn't have on his credit card.   John can't pay off his credit card at the end of the month.  John gets charged interest.

It's how credit card companies make their money.

When we were in debt, it was a choice we made.  It was a dumb choice, but we knew the consequences and did it anyway.  Did we consider every aspect of the consequences?  Of course not.  But is it the governments job to make me understand those consequences?  I don't think so.

What are your thoughts?