Obama's "credit card bill of rights" would force credit card companies to give consumers the option of dropping out of an agreement if the companies raise interest rates. It would ban increasing rates on past debts and prohibit charging interest rates on transaction fees. He would also force additional disclosures by credit card issuers of terms of the agreement.
Or, in English, banks will now be unable to charge more for people who spend more than they should, put it on plastic, and then decide they need not make payments in a timely fashion, versus those who spend wisely and pay on time.
Ironically, that will solve the problem of people carrying too much debt; banks simply will stop giving credit cards to anyone without good credit. You can't spend money they won't loan you, after all.
But I wonder how Obama's voters will feel when they are all denied credit cards?