Sounds good from afar, but then you read the fine print:
President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges.
The White House staged a signing ceremony in the Rose Garden, an indication of the legislation's importance to Obama. Though opposed by many financial companies, the bill cleared Congress with broad support.
Obama made clear that he didn't champion the changes with the intention of helping those who buy more than they can afford through "reckless spending or wishful thinking."
"Some get in over their heads by not using their heads," the president said. "I want to be clear: We do not excuse or condone folks who've acted irresponsibly."
And yet, he said, for many of the millions of Americans who use credit cards and carry a balance, trying to get out of debt has been made difficult and bewildering by their credit card companies.
Obama said many "got trapped" because of the downturn in the economy that has turned family budgets on their heads. But, he said, "part of it is the practices of the credit card companies.
Too bad this so-called "reform" doesn't benefit credit-card users already behind in payments (like there aren't hundreds of thousands of those around the country) and takes away perks from better customers by tacking on additional charges. Sure, there's much needed changes to over-the-limit fees, but there's still no limit on how high companies can go on interest rates. And just like your typical liberal, by placing all the blame on the credit card companies, Barry failed to address the responsibility of credit card users themselves who run up bills knowing full well that they can't pay them. So overall, no matter how pretty Barry tries to package it, what you're left with is nothing but a scam.