New Credit Card Legislation Passes the Senate

The Senate today passed the new Credit Card Legislation. This is good news and long overdue. The Bill (assuming it gets to the President for signature) prohibits the credit card company from raising interest rates unless the cardholder is 60 days late on a payment. Also good news is that payments made must now be posted to the highest interest charge – not the lowest. Not so good – the law will not be effective until February 2010 — so look out until then, and watch your back — cause they are gonnna stab you!!!!