One of the problems is with the people who borrow. Yes, the lenders are sharks, especially credit cards and "no payments, no interest until 2010" crowd, but they are making tons off the interest on these idiots. The people who borrow need to be educated on common financial sense and how to live on sound financial principals. Waiting to get declined by a credit card offer typically means it it too late for you and you are in real trouble.
On the other hand, I like the "no interest, no payment" gig. I only use it if I can write the check for what I am buying, but I do like using other peoples money for free. Just be sure to pay it off before the deadline. Has anyone read the fine print?? WOW!! Interest, usually around 20 percent is charged from the time of purchase, not after the deadline. This is where they are cashing in!!
A quote from my wife: "I don't even want to know how much it cost, I'm not in the mood to be that pissed off today."