According to Money Magazine in this article consumers are getting to weigh in before Federal Reserve Board decides whether to pass new laws regulating credit card companies.  These laws will regulate the rates charged by credit card companies, the doubling billing practice, and protecting consumers from overdraft fees.

I think this is a good idea.  Credit Cards like I’ve said before are not for everyone.  They are like guns, properly used they can be invaluable tools.  Improperly used they can kill you.  But it also doesn’t mean that the responsibility of using credit cards falls solely on the credit card companies.  Like Gun manufactorer’s aren’t responsible for people who buy guns and never take a lesson in how to use them.

There is a level of personal responsibility in using a credit card.  And I hope if these rules are passed people don’t take it as a freebie for not bothering to learn about how to use a credit card and how interest is charged.  Instead they justify their debts by saying they weren’t informed enough.  Enough whining.  Grow up.  Shame on you (credit card companies) once for fooling me, but shame on me for being foolish again.

But what do you think?  You can weigh in your opinion here, and press submit a comment Regulation AA.