- Strict contract enforcement. Creditors need to be compelled by law to abide by their signed contracts with consumers and not be able to change them at will. The new law still lets them revise the credit card agreements on the fly, and only requires that they provide 45 days notice to consumers before they change your terms. That's not good enough.
- The burden of revising a credit card agreement needs to be shifted to the creditors. Traditionally, the burden is entirely on the consumer. If you get a rate hike or other change in terms that is detrimental to you, you have to take action to cancel the account, by sending snail mail to an address buried in fine print in a seven-page revised credit card agreement. The burden be shifted toward the creditors, by requiring that they get a new signature from their borrowers whenever they revise a credit card agreement. If they can't get one, the account gets cancelled. That's as it should be.
- We need a law that protects consumers, instead of one that punishes them. The provisions of the law that were intended to rein in credit card lenders are easily passed on to consumers in the form of higher fees, interest, no grace periods, and fewer rewards. In the end, the creditors will be making the same amount of money, because the people who still qualify for credit will be paying a lot more.
- Smarter protections for college students. The law makes it very difficult for adults under 21 to get a credit card. A better way would have been to require personal finance education to prepare college students for the responsibility of using credit.
Here's a brief summary of what the law does, if you're curious.