"It is a fundamental rule of lending that an increase in risk means that less credit will be available and that the credit that is available will often have coach outlet handbags a higher interest rate," he said on Tuesday. Robert hammer, who runs a credit-card consulting firms, predicted that the new law will subtract 10 billion dollars in revenue from the industry's overall interest income.

Christopher Dodd, chairman of the Senate's Banking Committee, who authored the law, said that it "cements a victory for every American consumer who has ever suffered at the hands of a credit card company." Treasury Secretary Timothy Geithner also said on Tuesday that the bill will help create "a more fair, transparent and simple consumer credit market."

"We're not going to be giving people a free pass discount coach handbags and we expect consumers to live within their means and pay what they owe. But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives," said Obama.