My Turn, Your Turn: Credit Card Accountability, Responsibility and Disclosure Act

Do you remember your first credit card? Back in my day we called them charge cards. It was great that someone believed in me enough to give me a line of credit.

I noticed in later years that line of credit grew to far more than I deserved, but I figured it out. The credit companies didn't really want me to pay back that money, because they're in the business of keeping us in debt.
That's why this new law that goes into effect in February is a great thing.
It's called the Credit Card Accountability, Responsibility and Disclosure Act - or simply CARD. Under the new law:  your rates can not go up just because your payment is a few days late.
Any amount you pay over the minimum will automatically go towards items with the highest interest rate, and your payment date must fall on the same date of each month.
The responsibility is still on us. We all have to learn to live within our means. But for too long the credit card companies have been making things tough on people, and for once I give a lot of credit, to Washington for trying to even things out.
That's my turn. Now it's your turn. To comment on this segment, or anything else.