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Credit Card Crackdown Finally Starts Today

The credit card industry has been on a rate-raising, fee-hiking, rule-writing rampage ever since Congress voted to ban its most abusive practices last spring.

But that aggravating snit fit is finally over.

Credit card feesMost of the Credit Card Accountability and Responsibility Act law’s important new regulations take effect today.

Many of your credit cards’ most costly and infuriating practices — double-cycle billing, universal default, increasing interest rates on existing balances — are now prohibited.

Unfortunately, the banks are already hard at work on new and creative ways to make up the lost revenue.

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  1. Phillip said:
    on March 11th at 12:52 pm

    I think what they ought to do is make it a positive point on the consumer’s credit report that they DO NOT OWN A CREDIT CARD! Doesn’t not having a credit card open and in debt show that you are smarter than most people? That you are a bit weird, and like to pay for things when you HAVE the money?!