How do you feel about Congress and President Obama's new Credit CARD legislation?

Personally, I’m pretty pissed off. As someone with good credit, who makes decent financial decisions with my credit cards, I’m going to be one of the ones paying more to help out those who made bad decisions.

Under the new law, credit card companies cannot raise the rates of those who miss a payment, unless they’re 60 days past due. The credit company is forced to undue such a rate increase if the customer makes 6 months of on-time payments, regardless of whether or not their financial situation has changed. They cannot charge an over-the-limit fee unless the customer specifically opts-in to over-the-limit charging. The Federal Reserve gets to determine which fees are “fair and reasonable”, rather than the credit card companies.

What all this boils down to is that the credit card companies will no longer be able to make as much money from those who make poor financial & credit decisions.
If you think that simply means the credit card companies will make less money and be done with it, you’re insane. What it means is that they’ll make up that lost income from everyone else. That is, those of us with good credit, who pay on time, who don’t carry a balance. We will see the end of a month-long grace period, and have finance charges applied instantly from the day of purchase. We will see the end of fairly low APRs, as everyone is brought towards the middle.

I know it’s not politically correct, but I’m pretty damn steamed that our government has enacted legislation to protect those who make bad decisions of their own accord, at the detriment of those of us who make good decisions.

Agree? Disagree?