Although regulations will effect next year to reel in credit card companies, there are things to watch out for now says the Better Business Bureau. Wisconsin BBB President Randall Hoth says the tough economy has prompted lenders to raise interest rates on potentially millions of card holders.
Although there is no guarantee lenders won't jack up your rate, Hoth suggests always paying your bills on time! If you are hit with an interest hike, the BBB says you have the option not to accept it and instead freeze your account balance. Shopping around for other plastic might not be a bad idea but Hoth warns of low introductory interest rates that will eventually skyrocket.
The BBB can be contacted for further inquires or consumer complaints.
President Obama is expected to sign a credit card reform package Friday .
