The new credit card rules went into effect Monday February 22, 2010. And if you thought that this finally brought the end to banks and credit card companies’ bloodsucking practices, think again. Banks started devising new ways to bite you in the ass before the new rules took effect.

Granted, there is no way to foresee every move and counteract it through legislation. In fact, it is also phenomenal that the bill was not killed at conception. May be there is some change at Washington after all (though we still have miles to go). Corporate America and the legislative bodies became bed partners long ago it is not going to change any time soon. But that’s a different subject. More on New Credit Card Law – Banks Can Still Bite You in the Rear

On Friday May 22, 2009 President Obama signed The Credit Card Accountability Responsibility and Disclosure (CARD) Act into law. Though in a way the banks shot themselves in foot through sheer greed and unfair (read abusive) business practices, we consumers can’t help but celebrate. We had won a battle against “special interests”.

Well, special interests did get something out of it after all, as the new law will not go into effect until February 2010. This law should have taken effect immediately. The banks and credit card companies are doing it (abusive practices) now! Why give them more time to continue trampling it over us?

More on New Credit Card Laws – Celebrating a Corporate Greed Loss