President To Sign Credit Card Bill Into Law

By: Associated Press Email
By: Associated Press Email

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Friday, May 22, 2009

President Barack Obama signs legislation today making big changes for every American with a credit card.

The bill will revolutionize the credit card market with several restrictions, on everything from sudden hikes on interest rates to who can actually get a card.

The president's spokesman Robert Gibbs says the legislation will "bring some common sense rationality into our financial system."

Congressman Dan Maffei (muh-FAY') says the most important change is aimed at protecting debt-ridden consumers. The New York Democrat says Americans reaching for their plastic will know cards come from "a responsible lender and not a loan shark."

But experts say banks will get more creative to make up for lost revenue by hiking fees.

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