Regulating for the stup...well, the 'less careful' is never a good idea.

The rules are not such that you do not have a fair shot - your credit was slashed because you were extended to much credit. You don't have a right to credit.

This is a consumerist star commentator? Site is going down quick. You call your Senators and support the dead beats, I'll call and support responsible consumers and support the defeat of this fascist legislation.

Thanks for posting this up, Consumerist.

The stuff you're pointing out as likely to happen is happening anyway. I could give you links, but you're on this website to read, right? Get to readin' ya lazy bum.

So basically, you pay your balance off every month and have never had a problem. You're essentially using the card as a temporary debit card that is refilled by your actual account later. Wow, great, so in other words, you're not using it as a credit card.
Anyone that uses a credit card as an actual credit card will inevitably face problems with the credit card company. Since you don't do that, you may never face those problems (although my guess is that at some point, you totally will). Congratulations! Now the rest of us that do have problems can get our issues resolved because you're not affected.

The credit card rewards are ALREADY decreasing. Read this site if you need examples - I'm not going to bother pointing them out to you. You can blame it all you want on this reform that hasn't even passed, but then you'd look stupid.

All of these things happened to me in the last 2 months and I pay my balance off every month, so I'm hardly "without self control" and I'm still being dicked around by my CC.

Am I one of those dead beats for making one payment one day late in 2 years with Discover?

Oh, and could you explain to me how "rates will go up" for people who pay their cards off every month? I do that now, and don't get charged any interest.

Nice astroturfing BTW.

@PopulistOutrage: Ok, I'm confused.

1) Why are we assuming that everyone who has a balance on their card is a deadbeat? And why are we assuming that all people who can't make a payment on time are in that position because of their lack of self-control?

2) I'm looking at the bill as presented in the link, and am not seeing how any of this is bad. Why would we defend the right of a card company to not apply payments fairly? Why would we defend the right of a credit card company to charge fees that are not commensurate to the "offense"? Why would we defend their right to raise fees arbitrarily and without a reason to warrant it?

People who pay their card bill on time can still get dinged unfairly. Sometimes companies will switch due dates around. Sometimes people with good payment history have their rates raised through no fault of their own. So it seems to me that this bill also seeks to protect people who DO pay their bill on time, in the event that a card company starts to get footloose and fancy free with their terms. I am not opposed to the companies making money, but not by using underhanded tactics that can end up making it impossible for a person who pays on time to profit from their diligence.

Its shameful that Consumerist would support this - apparently responsible people who pay their bills on time are not a concern for this blog. The vast, vast majority of people who can control themselves and pay their bills off every month are going to be punished in favor of the minority without self control.

So, who won Idol last nite?

@muddymaesuggins: I live in the land of lawmakers, and I have no one with an actual vote who can speak for me. Thick with irony.

no sentator for me. oh, the wonders of taxation without representation for a district of columbia resident.

I only use credit cards for the cash back. I have no balance, so I couldn't care less about APR. What will happen to my benefits if this reform is passed?

@michaelgibbons:
I need that number too. And what about a *consumer* responsibility act? I'm sick and tired of people doing stupid things with their money and businesses being vilified for it. Legislate responsibility and your problem is solved!

A troll would be:

"Who neads credit card refoarm?! If you dont want to pay feas you shooldnt get a credit card!!!!!"

Or something that effect. A troll baits others into outrage for his own amusement.

Your parents must be so proud!

We need this!