Be careful opting out of your credit card's new interest rate

You can opt out of that insane credit card interest rate -- but be careful out there.

That's the premise of a clever article at CreditCards.com, which takes a unique look at opting out of your credit card. As Tamara E. Holmes points out, the Credit CARD Act of 2009 allows people to avoid higher payments by refusing to accept the new interest rate. But by opting out, you still have to pay the remaining balance, and your credit card is still active. And because of that, if you aren't careful and wind up making a purchase, your carefully protected interest rate could wind up shooting up to the one you opted out of.

It's a little like having a time bomb in your wallet.