Flexible, Responsible Credit-Card Reform

Consumers are furious about tricks and traps in credit-card contracts. Most infuriating of all is when issuers lure customers with attractive terms and then unilaterally change them a few months—or weeks—later. Congress and the White House can no longer ignore the fury. President Barack Obama has placed credit-card practices squarely in his sights and on Apr. 30 the Credit Cardholders' Bill of Rights, sponsored by Representatives Carolyn Maloney (D-N.Y.) and Barney Frank (D-Mass.), passed the House by an overwhelming majority. The Senate is gearing up for action on parallel legislation sponsored by Senator Chris Dodd (D-Conn.).

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