WaPo - "New credit rules could make for a happier 2010 for consumers"

[TomCADem]

I guess we can add the "The Credit Card Accountability, Responsibility and Disclosure Act of 2009" to Health Care Reform as among the laws that Republicans will be campaigning to repeal, because more regulation equals more governmental involvement:

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/30/AR2009123002533.html

-- Credit cards. This is the biggie. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act) established sweeping changes intended to help prevent crazy credit card fees and hefty interest rate increases. Companies will be required to make more disclosures and they face new limits on certain credit card practices.

Regulations relating to interest rate increases, over-the-limit transactions, and the marketing of credit cards to college students become effective Feb. 22. For example, credit card issuers will not be able to increase interest rates on existing balances unless a cardholder is at least 60 days late paying the bill. Credit card issuers can't impose over-the-limit fees unless a consumer has given the company permission to accept transactions that go over his or her credit limit.

In other changes starting in February, if your credit card due date falls on a weekend or holiday, issuers can't penalize you for being late if the payment comes in the next business day. Additionally, payments received by 5 p.m. must be credited the same day.

By July, if your interest rate was increased because you were 60 days late on a credit card payment, your issuer will have to revert back to the original rate if you've had six months of on-time payments.