Credit Card Reform Won’t Reform Our Credit Habits

The World

Lawmakers have touted the credit card reform bill heading to the president’s desk as “a victory for every American who holds a credit card.” But Donna Rosato, a senior writer at Money Magazine, says consumer behavior is unlikely to change. She cites studies that say the mere act of carrying a card (credit or debit) increases the likelihood that you’ll spend more money, pay more for a specific item, and lose track of what you’ve spent. She also says this new bill will force credit card companies to raise fees and even add annual fees to make a profit. Ms. Rosato joins The Takeaway to talk about the reform bill ? and how you should reform your own habits.

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