NEW CREDIT CARD RULES....New regulations designed to stop some of the most egregious credit card abuses were adopted yesterday. That's the good news. Here's the not-so-good news:
The regulations, which take effect in July 2010, would block card companies from applying higher interest rates on existing balances. Late fees could not be charged without giving consumers at least 21 days to make a payment.
You know, some regulatory changes need a substantial amount of lead time because they're fairly complex to implement. These aren't those kind. They don't require 18 months of preparation. They barely require one month of preparation. They could have taken effect January 1st if regulators had been inclined to make a statement. Another opportunity missed.