By Lois E. Greene, Economic Evangelist
Special to The Answer

What is happening? This is real life drama. We probably all have had a sick kind of love/hate relationship with our credit cards and those who issue them to us.  We love them when the credit line is available to spend but we hate when they “toy with our emotions”: decreasing or canceling our limit without notification all the while squeezing us financially for use of that little piece of plastic.

The CREDIT CARD ACT of 2009 reveals the most dramatic changes in new consumer credit card protections rules which began on February 22, 2010. The requirements are being phased in. 

Among the dramatic changes are:
 Credit card users will dodge retroactive interest rate increases on existing card balances and now have more time to pay their monthly bills. WOW!
 Heads up: greater advance notice of changes in credit card terms.  (No more sneaky charges.)
 You have the right to “opt out” or say “no” to significant changes in terms on your accounts and be able to actually look around for something that will fit you better.
 Young people must be at least 21 years old or get an adult to co-sign with them if they want credit cards on their own or can show proof they have enough income to repay the card debt.

As usual not every one is happy…Consumer advocates think this is awesome while some credit issuers (like them or not) believe that there are “flags on the field”. They say that the new rules will only escalate the price of while limiting the availability of credit cards during a time when the US economy is on a critical path of needing and desiring more availability to spend, spend, spend and stimulate our economy.

Caution: Although so much has changed for the good, you need to know that the new rules do not protect card users from everything. Check this out:
 Issuers can still raise interest rates on future card purchases.
 There is no cap on how high interest rates can go. (Help us Lord) 
 Business and corporate credit cards also are not covered by the protections in the CARD Act.
 Credit card companies can also continue to close accounts and slash credit limits unexpectedly.

Shame on them, but, as you might have guessed already, credit card issuers are finding ways around go around the new law and launching new fees not specifically banned by the credit card reform law.

Finally…READ you credit card statement.  It is your responsibility to get a handle on what is being articulated to you regarding your business and personal money matters. Get involved and stay informed. Pray for wisdom and “with all thy getting… get an understanding” of what is really going on and how it will affect you, your business and those you love.

Lois E. Greene, Economic Evangelist can be reached at The Business Liaison at (702) 460-8280.