As if things weren’t rough enough for your finances these days, credit card issuers have started to play rough. They’re jacking up interest rates, slashing customers’ credit limits, and canceling accounts. That’s why you need to take action to prevent your terms from getting harsher or, if the screws have already been turned, appeal the changes.
A sorry history of credit card regulation is letting the card issuers take these drastic steps, though a few new Federal Reserve rules taking effect in 2010 will help protect customers a bit. But consumer advocates say Washington needs to enact a series of additional safeguards — and soon.
