Credit card bill helps some, hurts some

The credit card reform bill that President Obama signed into law last week protects consumers from the most egregious traps that card companies set.

But the fact remains that the worst credit wounds are self-inflicted.

No law — not even the laudable legislation that Obama signed — can save people who consistently spend more money than they earn.

For instance, the law requires companies to show on statements how long it would take customers to pay off their balance if they make the minimum monthly payment.

That information will, we expect, shock plenty of people.

The law also prohibits card companies from assessing late fees until a customer is 60 days late in submitting a minimum payment. And it requires companies to notify cardholders at least 45 days before making major changes to their terms, such as increasing interest rates on existing balances.

Sadly, although the new law will help credit card users whose judgment is lacking, it probably will hurt some responsible customers.

That’s because credit card companies, according to media reports, intend to boost interest rates to make up for the fees they’ll have to forego due to the law’s tougher restrictions.

We congratulate Congress and the president for striving to spare consumers from the worst abuses of unscrupulous credit card companies.

But it’s too bad that customers who were savvy enough to sidestep the scams will suffer as a result.