Starting next month, new credit card rules take effect --which is weird, kind of, because the old credit card rules are still being worked out by the Courts.
The U.S. Supreme Court may take up a case brought against JPMOrgan Chase Bank (owners of 99% of the world's capital!) alleging that Chase illegally retroactively raised interest rates after default. Chase says it did warn the cardholder (who had defaulted on his payments and had his interest rates raised back to the beginning of the billing cycle), in part, Chase says, by putting notices into the cardholder agreement about when and how rates could be raised.
It's not all just academic, even with the new laws going into effect. While, starting in February, credit card companies must give 45 days' notice before raising some rates, that law doesn't mean that credit card companies didn't violate the old laws.
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