Senator Mark Udall-D- Colorado- introduced S.1833 (a similar version has moved out of committee in the House) which would move up the effective date for new legislation limiting credit card rates and fees by three months to December 1, 2009. The Credit CARD Act, signed by President Obama in May, is currently scheduled to take effect in February, 2010.

From Senator Udall's blog:

"The Credit CARD Act was set to take effect in February of 2010 to give the credit card industry ample time to update their computer systems and implement the new, consumer friendly policies.

Instead, credit card companies have taken the time to game the system and get rate hikes in under the wire. As a result, millions of responsible credit consumers have been victimized by unfair rate increases and dishonest practices."

Call your Senator now and tell them you want credit card companies stopped.

When the CARD Act goes into effect it willl:

Restricts all interest rate increases during the first year
Restricts interest rate increases on existing balances
Increases notice for rate increase on future purchases (effective 8/20/009)
Preserves the ability to pay off on the old terms (effective 8/20/009)
Places limits on fees and penalty interest
Requires fair application of payments
Provides sensible due dates and time to pay (effective 8/20/009)
Protects young consumers
Restricts issuance fees on fee harvester cards
Requires enhanced disclosures
Establishes gift card protections