As discussed at the Motley Fool:
"As of today, however, I'd better be careful, since the
Orwellian-sounding "Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005" is now law. Six months ago, the credit card lobby,
consisting of
MBNA (NYSE: KRB),
Capital One (NYSE: COF),
Citicorp (NYSE: C),
Visa, and
MasterCard,
teamed up with august statesmen such as Sen. Joe Biden, D-Del., and
Rep. Tom DeLay, R-Texas, to prevent the average American from abusing
the generous privileges being offered by my friends at Bank of America
and the other credit card companies. Fortunately for proponents of the
law, the irony of the U.S. Congress lecturing anyone on the subject of
indebtedness did not prevent its passage."
You can read
the full article here.