Don't forget that Credit Card companies have been charging merchants fees for every customer that uses their card. For example Southwest Airlines paid over $216 million in credit card processing fees in 2007 http://transfs.com/blog/2008/12/12/credit-card-processing-rates-for-airlines/ So "deadbeats" like those of us who pay on time already generate a large amount of income for the credit card industry. And since merchants in turn raise their prices across the board to cover the cost of those fees, the fee is then passed on to everyone, including those using cash - except for maybe at a few gas stations where the price is still different for cash and credit. A little regulation of this industry would not be a bad thing.

Well Picture this..you walk into a store to charge $35 and clerk says "Card DENIED." I called B of A and they say I have only $2 credit available. Without checking I think ok. Go to another store and use a different card and "DENIED." Both are Bank of America I go home to check my last statement(July). Which says I have a credit line of $21,000. My balance is $6100. Called Bank of America and demand to speak to a manager. Manager states on FRIDAY AUG 7th the credit dept decides I have too much outstanding credit so they lowered the limit. I received NO notification what-so-ever. From $21k to $6k..never having been late in 10-15yrs? And the 1st time I haven't paid in full. Not only did they do that but they closed ALL of my B of A credit cards that show inactivity! One I just paid off 9 mos ago! I am so ANGRY. I spent 20 yrs of my life building this excellent credit and paying all my bills on time. They are trying their damnest to get me to screw up so they can slap me with excessive fees, damage my credit history to force me to get cards at higher rates. Not going to happen. I will stop using credit all together and just stay at home. I won't keep stimulating the economy by buying anything other than necessities. Is that what everyone wants to happen? I've supported many people using credit..now the credit card companies are going to pull the plug! Sorry people. Other changes: Also note that getting 0% for 6 months approximates to about 8% interest. That's not good enough for people with excellent credit. You say 0 %? Then I expect 0%. They should call that false advertisement. Discover card will expect you to pay a HUGE minimum payment..they say it's for "your benefit." Why are they trying to force your hand so they will lose in the end? What can I do?

Thank You Mr Obama, Yet again you have legislated in such a way that those of us who spend wisely and plan for our future will be paying the way for those who mismanage their lives and money.