Changes in US credit card laws

will be signed into law by President Obama soon.   The AP tells us that “new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone. People under 21 also will find it difficult to get a card.  As banks scramble to make up for the lost revenue, cardholders who pay off their balance in full each month could see annual fees become the norm and lucrative rewards programs canceled.”

I think that reduced availability of credit cards generally is going to be a good thing, as it will reduce the opportunities for individuals to let their debt get out of control.

Here’s a link to the summary of the text of the law, written by the Congressional Research Service.

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