If the new credit card regulations?

Two groups of people, those to use credits cards responsible and those who do not. Responsible users are just fine without this new bill. What we really needed was some law for the irresponsible users. But in keeping with Obama's socialist agenda, this will redistributed the cost of using credit cards so that both responsible and irresponsible users pay the same. The result will be that responsible users, who use credit cards mostly just for convenience, will cut back or stop completely using them. Overall this will hurt the industry, and drive up cost for those who can't seem to live without carrying a balance. Bad news.

Edit: It's socialist in nature because it distributes money from one group who earn it, to another group who do not. Reading the answers from others who feel this will take money away from them and give it to people who don't deserve it, they support my position.

No, it is not.

I am one of those who pay off my credit card every month, I have never paid interest on a credit card and never will. I simply do not purchase more then I can afford.

If credit cards start to charge me monthly/yearly fees to use their cards, or worse yet start to charge interest at the moment of purchase, I will simply cut them up and discontinue using credit cards.

This will cause me to most likely spend even less, when I pay with cash I am much more hesitant to hand it over and many times chose to forgo certain items ~ jmo...

Edit: No, It is about personal responsibility, if some people don't have that, I should not be forced to pay their way. I don't get cash back or airlines miles, I like the fact that they are like a free 26/28 day loan.

Even though technically they are not "free" as merchants have to pay a portion of the charged amount to the credit card companies, they do this as way to attract more customers by making payment methods convenient. In turn they all end up pricing their items higher for that convenience. So in essence I'm already paying for the credit card, I just do not believe I should have to Pay More, for those who don't pay at all...

The credit card industy is dying due to their own hands. They let the industry get out of control, giving large amounts of credit to people who could not afford to pay it back. Then they relied on Universal Defaults and Penalty Defaults to make up the money. How much sense does this make? If you aren't able to pay your bill then doubling the interest rate is not going to make you pay it. So, instead high risk borrowers have just started walking away from their bills. OH NO...says the credit card companies...our chargeoffs are too high...however shall we make money??? Hey let's up the interest rates on the customers that pay on time. What a grand idea!

Well, I'm one of those customers that always pays on time but I carry a balance. I guess I'm a "perfect" customer since they make money off me every month. You know, what my answer is to increased interest rates. I opt out of the term changes. Yes, it means they close my account but so what? I am not my FICO score. We have all been brainwashed to believe we have to have credit. I expect by the end of the nine months before this law goes into effect to have ZERO credit.

What will I do if there is an emergency?? I will deal with it. Just like I did before I had credit. Just like my parents did.

do no longer even point out credit enjoying cards to me!! one specific economic company it is meant to be between the acceptable wold extensive those days decreased my credit shrink because of the fact i did no longer use it sufficient they have now sent me a minimum cost request even in spite of the undeniable fact that i don't have a stability on the cardboard.it incredibly is going to be exciting once I attend their place of work next week with a assertion that asserts I owe money on a card that doesn't have a pin that operates

I'm surprised credit card companies are chomping at the bit thinking about how they'll finally be able to make huge profits off of "deadbeats" (the industry term for people who pay off their entire bill every month.)

All this bill will do is make the people who pay there cards on time pay more for those who don`t.

What happened to personal responsibilities? People should not charge things they are not able to afford. It's quite simple.

Dude, what will you do if your apartment rent is due and your child suddenly becomes sick and you need to pay for a hospital procedure, without access to credit?

Agreed.