Credit Card holders get a reprieve in 2010

New Fed regulations will reign in credit card insurers’ business practices in 2010. Currently insurers can do the following:

Raise interest rates on existing balances at any time
Bury changes and terms in the fine print
Change your terms and rates with 15 days notice
Charge you interest on this and last month’s balance

In 2010 insurers will have to:

Not raise interest rates unless you are 30-plus days late
Provide bills that clearly show terms, fees, and total interest paid
Give 45 days’ notice for new terms and rates
Calculate interest only on what you currently owe

Oh happy day. There are finally some regulations that will help the people, what a refreshing approach.