Well, well, well. The dirty little tricks some credit card companies try to pull have gotten so bad that the government is actually stepping in!

Right or wrong, many people blame the credit cards companies for encouraging Americans to spend too much and save too little. (They absolutely do!) That perception may change now that the Federal Reserve has approved a rule that cracks down on so-called "unfair and deceptive practices" by credit card issuers.

The new regulations are expected to:

• require credit card issuers to apply at least part of any amount over the monthly minimum to a card with a higher rate of interest credit card debt if you have multiple cards with the same issuer. Some companies try to keep you from paying off the card with the highest interest rate so THEY can take more of your money.
• prohibit banks from charging a late fee unless they give the cardholder a reasonable time (probably 21 days) to pay the balance due. Gee, thanks.
• bar banks from raising interest rates on existing balances except in certain circumstances, such as a payment being at least 30 days overdue and the expiration of a promotional campaign. Another no-brainer!

These are good rules but very late for many people who have been abused for years by some credit card companies that jack up interest rates for little or no reason ... increase monthly minimum payments ... charge late fees if a payment arrives five minutes late ... shorten grace periods ... and on and on. It makes us sick.

On top of that, the rules won't be put into effect until mid-July of 2010. 18 months to implement these changes? Just another example of the government's 'slow as cold molasses' pace of getting things done! Some credit card companies are still in control and will benefit from the credit plights of millions of Americans until mid-2010.

It's no secret that many Americans are buried under an average credit card balance of more than $10,000, with charge-offs and delinquencies at all-time highs. We're not saying consumers don't shoulder some of the blame - they absolutely do - but so do the credit card companies.

It is ironic that, for banks, these regulations couldn't come at a worse time as many of them struggle to survive.

TOO BAD!

If they had treated us better and more fairly in recent years, they - and us - might not be in the bind that we find ourselves today.