This bill is an unmitigated disaster. Credit card companies have lent an obscene amount of people money under one set of rules, now they don't like what's going on, so they decide to change the rules half way into the game. This is putting the powerful over the people.
Yes! And when we conservatives start saying these things, the Republicans would be wise to listen.
The point you mention is critical and has been ignored by Frist/Biden et al. The last 11 years of debt contracts (the last major code overhaul) have been entered incorporating the terms of the existing Bankruptcy Code, pro and con for both parties. Now the CC lenders effectively rewrite those terms dramatically in their favor on these prior debt contracts ex post facto. To wrap up this after fact change in terms in the cloak purported abuse corrections is just bs.