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.