Credit card regulations don't go far enough!

I am rather upset by the weak credit card laws proposed this past week. It is like the paid lobbyists from the credit card companies are writing the legislation!

First, lets get real - the credit card companies ENSLAVE people with credit card debt, interest rate hikes, calendar shenanigans that ensure people miss the due dates (so the banks can charge hefty fees), and other LEGAL and shady practices that guarantee the banks make the maximum profit from each charging customer. This is more like a war than a business, with the debtor who does not pay off his charge cards each month paying more interest and fees than the original purchase is worth.

These companies need to be reined in; not just notifications "90 days prior to an interest rate hike" and forcing anyone under 21 to have a parent cosign (remember, many responsible parents learned their lessons the hard way).

This is better for the CC companies than the debtor! A parent consignor makes the parent responsible if the child defaults. The parent is almost forced into paying off the debt, because their FICO score is affected! (Bank wins). 90 day notification just gives the banks more time to shut down somebodies credit - They have integrated reporting systems, notification tools, and other mechanisms to ensure the person who is being changed will not have a chance to move any of this debt to a lower interest card. (Bank wins).

President Obama - ARE YOU LISTENING? - This law does not go far enough. Let's send this one back for more revision, and let some responsible citizens have real input into this!