Unfair Credit Card Practices Rules Proposed By Feds

Today, the Federal Reserve will vote on a series of rules that will make a major impact on your relationship with credit card issuers. In May, the Federal Reserve proposed new credit card rules that would eliminate several unfair practices in the credit and banking industry.

Some of the proposed rules include:

• No more double cycle billing
• No interest rate increases on existing balances
• No excessive fees on subprime credit cards

For a complete list and explanation of the proposed changes, read Credit Cardholder's Bill of Rights Act.