Here's the way I see it: Any industry willing to lend money to my son has no business asking Congress to bail it out of the consequences of increasingly irresponsible marketing and loan decisions. I also find it hard to believe that the free market allows credit card companies to bill creditworthy customers for the risks they take in loaning to the bankruptcy-prone, most of whom get charged outrageous interest rates that make this industry a cash cow.
And yet in spite of myself, the new bill looks like a pretty good idea. The new, tougher restrictions are limited to customers who demonstrate enough income to pay off their debts over five years. They will still be allowed access to bankruptcy, but only with some repayment under a court-approved plan. And lower-income debtors will be required to go through a credit-counseling program, which will teach them to resist the unscrupulous efforts by credit card companies urging them to splurge beyond their means.