Cramer's 'Stop Trading!': In Defense of Credit

People need credit, says Jim Cramer.
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"I think people are recognizing that the dilemma of credit card companies is that if they don't charge a certain rate, they'll go out of business," said Jim Cramer on Thursday's "Stop Trading!" segment on CNBC.

Earlier today, President Obama announced plans for legislation to

protect consumers from certain credit-card-company practices

, but he did not come out as strongly against the credit-card industry as people had been expecting.

"

Capital One

(COF) - Get Report

is going up, not down, because the president did not bash" it, he said.

The bottom line, Cramer said, is that "people need credit."

At the time of publication, Cramer was long XXX.

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