While it's true that sometimes we aren't responsible with credit cards, some credit card companies aren't exactly helpful when it comes to informing their customers on changing billing practices, etc. But a bill has gone through the House of Representatives and awaits a vote in the Senate that would help scale back or eliminate some of the credit card companies' sneakier practices.

Called the Credit Cardholders' Bill of Rights, this bill seeks to give eight new protections to cardholders, such as:

1. Card companies can't increase interest rates if you miss a payment on another account.
2. Payments made before 5 P.M. EST must be credited to that date, helping you avoid unnecessary late fees.
3. Card companies must give a 45-day notice before increasing interest rates.
4. Cardholders can set maximum balance limits on their accounts, eliminating over-the-limit fees.

Many card companies have taken the hint and have begun complying with some these regulations even though they won't go into effect until 2010 (assuming the bill passes the Senate).

Go to billshrink.com for a full list of these rights, and to see if your credit card already has instituted any of these reforms. You can also search for cards that comply to these new standards.

--Cody

Photo taken from this photostream and used with permission of a Creative Commons license.

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