WASHINGTON (AP) - 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.
Obama'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.