...with the Credit Card Overhaul Bill means responsible individuals will bear the brunt (and endure the punishment) of those who choose to live beyond their means.

Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.

Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.

“It will be a different business,” said Edward L. Yingling, the chief executive of the American Bankers Association, which has been lobbying Congress for more lenient legislation on behalf of the nation’s biggest banks. “Those that manage their credit well will in some degree subsidize those that have credit problems.”

Obama's age of responsibility is such an utter farce.

Related
Good news: Responsible credit-card users to “subsidize” deadbeats now (Hot Air)

Labels: democrats, obama, pelosi, reid