Properly used, credit is a useful tool. But in the last few years we've gotten to see what happens when credit is overused. In the short term, regulations that crimp consumer credit will be painful - almost two-thirds of the economy is driven by consumer spending.

Unfortunately, the legislation probably will increase credit costs, as Robert notes. What's definitely needed are (1) consumers who understand the risks and pitfalls of too much credit and (2) credit products with expenses that are disclosed clearly. The new bill attempts to make credit card costs more transparent, but in the long run lenders know that in order to "market" credit, you have to downplay the true costs of borrowing.

Mostly not thrilled, though some of the provisions were fine.

There are some cards with bad reputations for fees, and the market had solved this problem by higher grade offerings that those with decent credit could seek out; versus the cards you heard Congress rail on, which tended to be for those that may not have been as credit worthy.

All I see this bill doing is raising fees and rates for all, or eliminating credit. The News and Resources tab to your right currently has stories that agree with me - Fixed Rate Cards May Be Thing of the Past, etc. It's a result of the bill which may have saved some card holders a few headaches, but it's going to cause even more higher costs now.