Remember the Credit Cardholders Bill of Rights that was passed a few months ago?  Well look for some changes to be implemented by your credit card companies starting today.  The bill mandates the following rules must go into effect today:

• You have a right to reject a rate increase
• You have 5 years to repay your balance at the current rate.  In other words, credit card companies cannot raise the rate on your current balance for five years.
• Companies must provide you 45-day advance notice before a rate increase
• Bills must be mailed 21 days before they are due

The major changes with the most protections under the Credit Cardholders Bill of Rights do not go into effect until February. 

Some of the down sides of the changes is that your credit card company may now start charging you an annual fee to recoup the price gouging profits that it will no longer receive.  In addition, the credit card industry has threatened that it will be harder for consumers to get a card, it will raise interest rates, and risky borrowers may be out of luck. 

Further, the credit card industry has made blocking the creation of the Consumer Financial Protection Agency its “number 1 priority.”  The agency will protect consumers from abusive, deceptive, unfair, and harmful practices by the financial industry.  Throughout this month (August) industry insiders are on the hill and lobbying lawmakers in a major push to prevent the creation of the consumer protection agency.  The credit industry has accumulated millions and millions of dollars to instigate its campaign against increased regulation that it fears will result in a reduction of profits.  Don’t let them get away with it.