Finally! Banking Regulators Propose Ending Some Of The Most Unfair and Abusive Credit Card Practices.

If something unfair has happened to you with your credit card, now is the time to tell the Federal Reserve Board about it. The Federal Reserve Board and two other federal agencies have issued a proposed rule that would restrict some of the most unfair credit card tricks and traps. The proposal could be a big win for consumers if it is not weakened.

The rule proposes to:

• Stop credit card companies from hiking interest rates on existing balances (unless you pay more than 30 days late.)
• Stop credit card companies from applying your monthly payment to low-interest debt first.
• Give you time between the bill and the due date so you can always pay on time.
• Stop interest charges on debts paid off in the previous month.

This new rule of fair play is just a proposal; the first step in a three step process. The story of your bad credit card experience can help to make sure that this new rule is finalized in a strong form. Tell the Federal Reserve Board what has happened to you and take advantage of this great opportunity to get some substantial credit card protections for consumers!

You can file your comment by going to www.creditcardreform.org and enter your comments in the box provided.

Or submit to the Fed by sending an e-mail to regs.comments@federalreserve.gov. Make sure you include Docket No. R-1314 in the subject line.

For a short summary of the proposed rule, go to: http://www.consumersunion.org/pdf/CreditCardReformShortSummary.pdf.