Congress To Cut Up Your Cards?

Manzi doesn't approve:

One practical effect of proposed credit card legislation would be to make it illegal for party A to voluntarily engage in a credit contract with party B that has some specific elements that might be abused by an irresponsible person. Why should this freedom of contract be restricted for responsible people? Because the guy who lives down the street might use the same contract to drive himself into personal bankruptcy with Cheetos, beer and big-screen TVs?