Credit Card Companies Find Loopholes in New Laws

I found this article at Foxbusiness.com. It talks about what the credit card companies are doing to squeeze through the new regulations being enacted on February 22, 2010. The Credit Card Accountability, Responsibility and Disclosure Act was designed to help consumers deal with credit card companies policies, which includes rate hikes, additional fees, and double-cycle billing.

Companies are doing a few things to get around these new provisions. One company introduced a credit card with a 79.9% interest rate, other companies are "re-engineering" double-cycle billing by charging upfront interest and rebate the interest if you pay in full, if you fail to pay off each monthly balance the upfront charge increases.

Experts say that consumers should watch out for changes in their credit cards and carefully watch for changes in terms and conditions.

I found this article to be responsible and informative. I feel that the author has the American consumers' best interest in exposing the loopholes in the regulation of credit card companies.