Feds cracking down on bank credit card deceptions??

[mark]

...........Regulators are planning tighter rules to stop credit card companies from unfairly raising interest rates and to make sure they give people enough time to pay their bills.

Read it here:
http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/CrackdownOnUnfairCreditCardPractices.aspx

With the economy tightening up, should the banks be regulated regarding credit cards??

The story also says:

Credit card lenders last year collected more than $18 billion in penalty fees, according to data collected by consulting firm R.K. Hammer.

Personally, I suggest quit playing the bank's games & just cut up all your credit cards & use debit cards or cash.

So, will the Fed's actions help you...or...will it make any difference at all??

Comments?? ............see ya mark

[tkcomer]

Won't make any difference to me. I pay in full at the end of the month. I use the credit card to order things off the internet that I can't find around here or don't want to drive miles to go get. That and I'm not writing checks all over town. Just one check and one stamp. But the credit card companies need to have their chain tightened up just a little. It takes a Philadelphia lawyer to decipher their actual offer. Which basically says they can jack your rate up anytime they want. They shouldn't be allowed to hide that behind legalese that most people can't understand. Make it plain and simple. Upfront. But then, if they did that, most people wouldn't jump at their low teaser rates.