I don’t use a credit card, because shhhhh…I have bad credit. At this point I can get about $200 on a card, so why even bother. I’m in the minority though, as most Americans (80% of households) flash their plastic to pay for the majority of stuff.

Today, Obama will be meeting with bigwigs of the credit card industryto discuss tougher regulation so that you don’t sign up for something with promises of low rates and interest and wind up with the opposite.  Call it consumer protection or just call it trying to keep ypu from getting screwed.

The House Financial Services Committee recently voted 48-19 to approve a bill to clamp down on rates and fees; nine Republicans joined the panel’s Democrats in voting for it. If passed, the bill will do crazy things like ban “arbitrary” interest rate increases, prohibit excessive fees and order more disclosure. It could go to a full House vote as soon as next week.

In the meantime, consider ditching your card. It’s hard, but at least you won’t wind up with debt. Instead you just get this lovely thing called negative funds in your bank account. Lose-lose situation defined.