The bill S.256 is simply the latest stunt being pulled by credit card companies and the banking industry. The credit card industry is famous for pulling gimmicks of all kinds, often with complete disregard for the law. So, now they're changing parts of the law to their liking, with a little help from you-know-who.

May I offer the following practical activist suggestions, beyond the obvious political activism:

1. Cut up your credit cards now. You don't need to inform the companies that you're doing so (unless you're paying them off in full, or electing to do credit counseling); that sometimes becomes an invitation for deliberate abusive practices, as I found out the hard way. There is no reason, however, to keep on rewarding them by using the cards; you want to deny them the merchant fees that get charged on every transaction, and you don't want to put yourself into deeper debt.
2. Sign up with the credit reporting agencies, to have your name put onto an "opt out" list. Call 1-888-5-OPTOUT, which is shared by all three of the biggest agencies. Many credit card companies use lists drawn from these agencies when deciding to send you their junk mail offers. Not only do you get a lot fewer unwanted offers, but you also cut down on the possibility of ID theft. (Do shred any offers that you get; don't just toss them out. Use scissors if you don't have a shredder.)
3. Consider moving your checking and other accounts out of commercial banks, and into a credit union. Most people will qualify for membership in at least one credit union, based on their employer, and most areas of the country have at least one credit union that is open to anyone who lives in a defined geographical area (usually a county). The owners in a credit union are the people who have accounts in them, not separate stockholders. (Commercial banks have been trying to get credit unions' tax-exempt status revoked, but most credit unions would still be a better deal than just about any of the commercial banks.)
4. If you do use debt counseling, stay away from the organizations that are really fronts for the big credit card companies themselves. Instead, go with an independent organization, such as CCCS or one of its affiliates. Do be aware that you will need to cut up all of your credit cards; at the same time, you won't get any more unwanted offers, and you will often get a concession on the interest rates on your existing cards -- at the expense of paying a small monthly fee to the counseling agency itself. The agency will, of course, fill you in on the details.

I'm a strong believer in having activism start at home. Sometimes, the best way to get somebody's attention is to hit him where it counts -- in his pocketbook. And a little less materialism wouldn't hurt any of us; we can face enough financial challenges, due to medical emergencies or the like, without buying needlessly into a wasteful system and making more trouble for ourselves.