Seems to me that all that is needed is a) laws against usurious rates and b) truth in lending. I think had they made it mandatory that credit card bills should show in prominent large type the interest rate, the minimum payment due, the due date, the penalty charge for late payment, and also any changes that will occur in 30 days, that would have sufficed for credit card reform.
Like Panzade, something over 30 years ago we hit our wall where credit was concerned and we were in way over our heads. That wasn't the credit card company's fault or other lenders' fault. That wasn't anybody's fault but ours. We knew better and did it anyway. It's so easy to think another $10/month won't matter or that we can pay the minimum for now and later we'll have the money to pay more. It was painful, but we dug our way out and have never again committed those credit 'sins' again, but we had to experience the consequences before we developed the necessary discipline to manage our finances wisely and use credit wisely.
Once or twice over the last 30 years a payment got lost in the mail. Each time the credit card reviewed our payment record, believed us, and removed the late fee. (We now pay the bills on line and there's no danger of that happening at all.) When a credit card company gets greedy and implements policy we don't like, we simply use another. Eventually we arrive at the very best company to do business with and it is a pleasant experience.
I wish the government hadn't meddled in a way that will likely have the effect of a less pleasant experience for us. As our local paper said this morning, those of us who have been the most responsible and pay off our cards every 30 days 'are going to have to start paying our share of the load'. That won't do anything to encourage people to be aware and more responsible in how they use credit.