The point is that the easy credit has become addicting like cocaine and has produced results that have turned the poor into psuedo slaves. Hence the saying "I owe, I owe, so it is off to work I go", instead of "I own, I own, I'll retire early you know"
But do you really think throwing people into bondage is the solution? The lenders have to take a little responsibility here. Don't make riskey loans and you won't get burned for the most part.
The point is that businesses and consumers are equally as guilty. The lending industry has behaved irresponsibly in their willingness to shower people will credit. While there are those businesses that use credit to help customers offset the large costs of todays material goods - the lending industry in general has helped to create a debt culture in which we have willingly imbibed.
If the government is about to reward businesses by punishing the consumers then I'm afraid that this administration has just demonstrated the worst stereotype of Republicanism. Pro big-business at the expense of the consumer.