Riding a crest of populist anger, the House on Thursday approved a bill to restrict credit card practices and eliminate sudden increases in interest rates and late fees that have entangled millions of consumers. (snip) The measure would prohibit so-called double-cycle billing and retroactive rate hikes and would prevent companies from giving credit cards to anyone under 18.
I have mixed opinions on this. On one hand, I agree that sudden and/or retroactive rate increases shouldn't be allowed. Consumers should have enough warning that they have time to cancel their card. On the other hand, I don't understand why the Fed should concern itself with how the rates are calculated (i.e. double-cycle billing). It should be up to the consumer to understand how they are being billed, and if they don't like the math then they should go elsewhere. And I don't agree with the age limit of 18; the government is not our children's parents, we are.
Overall, to me this looks like 1 step forward and 2 steps back. Your thoughts?