House of Representatives Passed New Credit Card Regulations

It's some fairly minor stuff, but it's a start, though I doubt that it will make it past the Senate, though considering that the distinguished gentleman from MBNA Delaware is otherwise occupied, it's possible.

Basic provisions:

• requires a notice period for interest rate increases
• prohibits interest charges on balances paid during grace periods
• bars issuers from applying payments first to lower-interest debt while debt carrying a higher interest rate remains unpaid.