New credit card practices could cost consumers billions


Credit card companies continue to look for ways to skirt the new CARD Act. They've found a number of "hidden" price changes not banned by the new law that takes effect in February 2010 and these "hidden" charges could cost consumers billions of dollars, according to the Center for Responsible Lending.

In its study, "Dodging Reform: As Some Credit Card Abuses are Outlawed, New Ones Proliferate," the Center found that these practices have affected more than 400 million credit card accounts. While the CARD Act and other regulations have succeeded in limiting the costly traps of yesterday and today, issuers have found new ways to raise fees and revenue.