Credit Card Reform in 2010

Higher interest rates on credit cards and tighter lending standards are making it harder for cash strapped Americans, but help isn't coming until 2010.

Federal regulators have adopted new rules  to help protect consumers.

Credit card companies can only raise your interest rate if payment is over 30 days late.

If you have late payments on one card, it won't affect your rates on your other credit cards.

And consumers must be given a 45 day notice if the terms on their  card are changed.

These new rules, however, won't take effect until July of 2010.