Credit Card Rules Changing

Credit card companies will soon be making some changes that could save you money on your interest rate. Currently, credit card companies can raise your rates on existing balances.

Federal regulators are trying to change that, by imposing new rules that only allow credit card companies to raise interest rates on new credit cards and future purchases or advances. They say the new rules will protect people from hikes in interest rates or unfair time constraints for paying.

The new rules will take effect July of 2010.