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The problem was not the credit card companies/banks but people living way beyond their means. No, that's not necessarily true at all. In the past, I've been in situations (major car and home repairs, medical bills, and wholly unexpected college/university fees) in which I would have been royally screwed if I did not have a credit card to back me up. The credit card companies are in fact THE problem, with their fraudulent lending and pricing policies, and countless pitfalls, any one of which leads to major fees and interest rate hikes at usury levels, courtesy of those fine-print "Important Amendments" we all get in the mail from time to time. The whole system, as it is now constituted, is one big debt trap. Having been screwed myself by my credit card issuers in the past, I actually agree with Obama on the need for this legislation because this industry is wildly out of control, with prior congressional complicity (Kennedy, Biden, and Dodd). Sorry to burst some bubbles on this thread, but even a clock is right twice a day. So explain how people got along before the 1950's when credit cards first showed up--in fact, they really didn't become wide spread until mid-sixties. A credit card is nothing but a tool, just like a stove. If you use it right your fine, if you use it wrong you burn your food, or worse, burn down your house. The banks are just selling a product which comes with consequences if used. Nobody forced the people who misused them and hurt themselves. Me personaly, I have well over $100K in combined credit card lines, I buy everything with my cards, but I pay them off very regularly so I never have a carry over balance of more than $1000 or so month to month. If they make them more expensive, I just use them less and cash more--just like most people do with credit. Not a big deal. I will say this though, I think it's a good thing if the result of this bill produces contract details for the card in which the average user can actually understand. I'm not going to hold my breath though since those contracts are still going to be written by attorneys.

“I think it’s a good thing if the result of this bill produces contract details for the card in which the average user can actually understand.”

If you’re too stupid to understand the agreements, hire someone to explain them to you before you sign them or suffer the consequences.

Anyone that carries a balance deserves to be raped!!!