Released: May 10, 2008

How new credit card rules could affect you

Source: Paul Wenske, Kansas City Star (Free Registration)

Proposals by federal bank regulators would zap questionable credit card practices. But while consumer advocates say the proposals are good first steps to rein in abusive tactics, card issuers bristle they will drive up costs and make credit less available.

John Ulzheimer, president of consumer education for credit.com, a credit education and financial services Web site, says the truth is likely somewhere in between. He said many card practices were clearly arbitrary. But he said card issuers may try to recoup profits by charging more.

Still, the proposals are remarkable in that federal regulators have for years given the card industry a long leash.

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