Federal Reserve Board Approves New Regulations Impacting Credit Card Issuers

Well, it’s about time.

Cash-strapped consumers got some welcome news on Thursday when regulators voted to rein in controversial credit card practices. But they’ll have to wait another year and a half to get relief – the new rules won’t take effect until July 1, 2010.

Source: CNN

The Federal Reserve Board has approved new regulations aimed at limiting how credit card issuers can manipulate billing cycles, penalize customers for late payments or raise interest rates indiscriminately.

The new regulations do not take effect until mid-2010 (when I hope to have nearly paid off my credit cards…..damn) but it’s a welcome decision.

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