New credit card protections don't take effect until JULY 2010

[Newsjock]

Whole load o' good that's gonna do us.
http://finance.yahoo.com/news/Regulators-adopt-new-credit-apf-13866699.html

WASHINGTON (AP) -- Federal regulators on Thursday adopted sweeping new rules for the credit card industry that will shield consumers from increases in interest rates on existing account balances among other changes.

The rules, which take effect in July 2010, will allow credit card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.

Just watch what they do to us between now and then.

[Gormy Cuss]

1. It gives the cc issuers enough lead time to find and exploit the loopholes too.

Not that they've ever done that in the past...:eyes:

[snappyturtle]

2. I read that article early this morning and wondered why the rules couldn't

be implemented immediately. They can raise interest rates and provisions overnight. Doesn't the reverse work just as quickly? It's a crumb thrown to the consumers. imho