Banks for You!

The credit card industry has been on a rate-raising, fee-hiking, rule-writing rampage ever since Congress voted to ban its most abusive practices last spring.

But that aggravating snit fit is finally over.

Most of the Credit Card Accountability and Responsibility Act law’s important new regulations take effect today.

Many of your credit cards’ most costly and infuriating practices — double-cycle billing, universal default, increasing interest rates on existing balances — are now prohibited.

Unfortunately, the banks are already hard at work on new and creative ways to make up the lost revenue.

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