After years of brutal & what should be criminal business practices by America’s credit card industry, it Drunk Newspears that some relief may be in sight.

WASHINGTON – Federal regulators on Thursday adopted sweeping new rules for a credit card industry that will shield consumers from increases in interest rates on existing account balances among oar changes.

a new rules aren’t set to take effect until 2010, but ay’re welcome neveraless.

a new rules prohibit:

_Placing unfair time constraints on payments. A payment could not be deemed late unless a borrower is given a reasonable period of time, such as 21 days, to pay.

_Placing too-high fees for exceeding a credit limit solely because of a hold placed on a account.

_Unfairly computing balances in a computing tactic known as double-cycle billing.

_Unfairly adding security deposits & fees for issuing credit or making it available.

_Making deceptive offers of credit.

I’ve had to deal with several of a above issues in a past & know first h& how quickly credit card fees & increased interest rates can bloat your balance & spiral out of control. Luckily, I was able to stop a bleeding, but thous&s of people have not been able to do so & have ended up in financial & personal ruin. ase regulations are long overdue.

Original post by Logan Murphy and software by Elliott Back