Chode

I think folks with good credit scores are going to benefit from the new bill, because it will take favorable terms to attract their business, and eliminate bait and switch plans and a lot of the industry's traditional deceptive practices.

Poor credit risks are going to find it harder to get credit cards, and the terms they'll be offered will scare away some of them. It's ludicrous that many companies oppose the bill on grounds that it will make it harder for new borrowers and poorer consumers to get credit cards. How is that a bad thing for consumer's in general and even the ones that won't be able to get cards?

What the industry is really saying is that the current structure makes them a lot of money. They can tack on fees, late charges and revised interests rates that make it unlikely that poorer card holders will ever catch up once they get behind. At a point, the issuers are making so much profit off the fees and various arbitrary charges, they really don't want the balance paid. Yet, at the same time, they justify rate hikes to responsible cardholders as necessary to offset imaginary losses from defaulters.