I agree that credit card companies make the majority of their money by taking advantage of the weakest end of the credit market. I don't have any issue with that nor with the proposed legislation that tries to limit it.
You're mistaken if you think that the manner in which these companies prey on the weak in our society does not affect you.
On Saturdays on WMAL in the DC region there is sometimes a program which amounts to financial advice for the non-rich and I recently heard a conversation on this program which went sort of like this:
A lady caller stated that she had owed a credit card company something like $2200 around three years back; the company went under and disappeared, she made several efforts to figure out what to do with the debt and then had to move and totally lost touch with them and now was being dunned by the holder in due course of that debt which, with time and interest now stood around 6000. The host asked if she could afford that, the answer was no; she had a household income of around 40K and figured she might could pay something like the original 2200 or whatever without major grief but that was about all of it.
The host told her to make them a starting offer of around 1800 and be ready to pay 23 or 24 but stop at that point and let them know she was prepared to declare bankruptcy in which case they'd get nothing. He told her, and this is the kicker, that debt buyers like the company she was now dealing with buy debts like hers in bulk quantity at something like 5 - 10 cents on the dollar and are simply trying to get whatever they can in each individual case, no emotion or sentiment one way or another involved at all, just business.
That of course made my hair stand up. Correct me if I'm missing anything here but what that tells me is that every time I ever go out to buy any sort of thing below some level of value beyond which credit cards do not apply i.e. less than a new car or some such, then my money is competing with money which is worth no more than ten cents on the dollar, bottom line. That has to raise the price of everything I ever buy.
In other words, don't send to know for whom this particular bell tolls, it tolls for all of us. These companies are charging interest rates which would have gotten them burned at the stake a few centuries ago and have created a new form of slavery.
Again it would be very good if people could start coming up with schemes for living in the modern world without credit cards.