Do you own a credit card? New federal rules in the horizon.

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First, the good news: Federal regulators just passed new consumer friendly regulations that greatly restrict some of the bullshit practices and fees companies have forced on us over the past few years. As the AP reports, the new federal rules prohibit credit card companies from double billing during a cycle, unfairly adding security deposits or fees just for holding a credit card and giving you less than three weeks to pay your monthly bill.  But the biggest change is not allowing companies to raise your interest rate arbitrarily. That one has pissed off many responsible credit card owners.

But wait before you go out and put a few more presents on that card. The rules don't take effect until 2010, effectively negating any positive implications on our current economic woes. Thanks, Feds, for not proving my accusations of your utter incompentance wrong.

So fellow credit card owners, I have good news and I have bad news.

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