Thursday, December 18, 2008
The rules, which take effect in July 2010, will let credit card companies raise interest rates only on new credit cards and future purchases or advances, rather than on current balances. They also restrict such lender practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates.
Source/more: USA Today, http://www.usatoday.com/money/perfi/credit/2008-12-17-credit-cards-new-rule_N.htm
Credit card debt is a leading cause of senior bankruptcy filings, see http://www.consumerlaw.org/initiatives/seniors_initiative/credit_1.shtml