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Credit Card Legislation: An Exchange

Having been "bitten" by the credit card industry twice previously because my "risk profile changed," even though payments were always made on time, and OTOH, having built businesses using cc's as a funding source, I'm ambivalent on this legislation.

The use of debt to purchase consumer goods is foolish and wasteful. The best solution is to pay the damned things off and refuse to use them. A massive wave of payoffs and shrinkage in average balances would have eventually solved this problem.

IMO, this legislation serves to keep people in shackles, because the "lower" interest rate will give them less impetus to pay the balances off.