The Credit Card bill has passed the Senate and now will be reconciled with the House bill and sent to the President. The NYTimes had an article earlier today about who this hurts...and it's not the credit card companies. It will hurt YOU. A staple of any personal finance book is to use credit cards for the free benefits that can result if you pay your bill on time every month. Now credit companies will be looking to make consumers pay for the privilege of using their card, which will subsidize those who abuse their credit card, but yet cannot be charged for such abuses.
Why is this world being made easier for the irresponsible? Does paternalism have no limits in the face of market forces?
The most practical pain in the ass of this whole mess is that those who have high benefit, no/low fee cards will now have to decided whether it is worth closing their accounts and taking a hit on their credit score or simply paying the new fee.