Credit Card raises rates 17% to 27% without warning... Wow!

There might soon be some new legislation to assist in keeping these credit card rates down. According to this article posted on ABC News...

Credit Card Customers Might Soon See Relief by Alice Golstyn ABC News Business Unit-

This 27 year old woman who pays her bills on time
just got a rate increase from
17% to 27%...Suprise

Some of you might be getting rate increases without warning as Credit Card companies are trying to take advantage of the market and the changes to come in 2010.

However there might be some earlier relief coming...

Credit card companies will be allowed to raise rates on existing credit card balances only when the card holder is more than 30 days late, when he or she is receiving a promotional interest rate with a defined expiration date, or if the interest rate is tied to a specific market index, such as the London Interbank Offered Rate.

This would be an ideal time to take a good hard look at your credit situation We cover a lot of people in distress, people needing good credit to buy property but according this article normal credit is now being attacked by raising interest rates. It seems to me it would be prudent to be proactive in this situation before you get the envelope in the mail from the Credit Card company and unknowingly owe hundreds of dollars more than anticipated.