Credit-card reform may be looming in the headlines, but for now the fine print is still hitting consumers hard. Banks keep raising minimum payments, interest rates and fees, continuing the credit tightening that began last year, even as cardholders are falling further behind on their payments. The rate at which banks are writing off card debt as unpaid jumped to 10.6 percent in May, up more than 65 percent in a year and the highest rate since 1989, according to Moody’s Investors Service.

The government is preparing to overhaul another segment of the American financial system: the credit card industry. Some of the changes will help consumers better understand the costs and risks of using their cards. Requiring companies to give sufficient notice to customers when terms change also qualifies as a reasonable requirement. But restrictions on fees, interest rates, and the way payments are calculated are a double-edged sword. Thankfully, Congress pulled back from enacting a hard cap on the interest rates companies can charge on balances that are not paid off at the end of the month. Our populist legislators are, however, planning to enact a long list of restrictions and requirements that will make it more difficult for lenders to make a profit. The changes will please those who owe money on their credit cards. The debtor is king these days.