New Credit Card Rules

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NEW CREDIT CARD RULES….New regulations designed to stop some of the most egregious credit card abuses were adopted yesterday. That’s the good news. Here’s the not-so-good news:

The regulations, which take effect in July 2010, would block card companies from applying higher interest rates on existing balances. Late fees could not be charged without giving consumers at least 21 days to make a payment.

You know, some regulatory changes need a substantial amount of lead time because they’re fairly complex to implement. These aren’t those kind. They don’t require 18 months of preparation. They barely require one month of preparation. They could have taken effect January 1st if regulators had been inclined to make a statement. Another opportunity missed.

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It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

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Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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