Home Business Owners May Find It Harder to Get a Credit Card

One of the big bits of financial news today is the fact that the Senate has approved new credit card rules designed to protect consumers. However, even though consumer protection will likely increase (the House is expected to approve the bill with very little effort), there will be some consequences for those with a home business.

For the most part, requiring increased consumer protection means that the credit card companies will make less money. They will likely try to shift their focus to higher-end clients as a result. And, of course, the credit card industry is likely to want to exact revenge. This means that some home business owners may find it more difficult to get a credit card.

Credit card companies have already been restricting credit and reducing rewards. While the reforms may protect consumers a bit better, it will also likely have the consequence of making credit harder to get in general.

How do you think the new credit card reforms will impact your home business?