New Regulations For Credit Card Industry

Today Congress just has passed a bill to tighten up the criteria for issuing credit cards. President Obama is expected to sign it on Friday. This bill arrives at a critical moment and will affect the way we consume. America's economy has overly relied on credit card transactions and we are 2.5 trillion in debt less mortgage. Getting a credit card won't be as easy as before, especially for small businesses and young professionals. Next time we visit our neighborhood coffee shops or restaurants, we might need to pay cash. Paying with our debit cards is still possible, but generally merchants impose a 50 cent fee per transaction. I think overall this new bill will teach consumers to spend responsibly. Our economy is fed by our unquenchable appetite for things that we don't need. America becomes the biggest economy by overspending through the roof. Here is the dilemma though. If we stop spending like the way we used to, would America lose her status as the biggest economy. Would foreign investors stop investing in the US and divert their capitals to elsewhere?