Credit Card Legislation....surprisingly from me....pretty cool!

Now this may take some of you by surprise....but I do think the new bill passed by congress today could be a good thing. Congress passed sweeping new rules on how credit card companies can run their business. Now before you go and get the smelling salts for me.....let's take a look at this thing.
"In general, the new rules — which go into effect in nine months — will protect debt-ridden consumers from many of the surprise charges common in the industry, such as over-the-limit fees and costs for paying a bill by phone" AP

Some of the rules are fine by me....like
You cannot change interest rates on like crazy.....we have laws the say Guido can't do it....so why can Chase
I heard that the crazy interest that is charged to people who miss the pay day by one day will be outlawed.

On the other hand....although it protects the deadbeats, the uninformed and others it will hurt
"cardholders who pay off their balance in full each month could see new annual fees and lucrative rewards programs canceled" AP

Lastly, credit cards will be harder to obtain. No surprise there! If you are going to make it hard for them to make money in one section of the market....they will not give cards to that section of the market.

So more people will have to use debit cards or checks....which in turn will not allow them to put things on credit.....they will need to HAVE the money if they want something...there is a novel idea....but remember....they will not buy on credit....the economy will feel even more of a squeeze...less spending, although on credit....but less spending.

This is the Medicine that is way over due......let's hope the cure does not kill the patient.