Credit Card Holders' Bill of Rights

This doesn't go far enough, of course, and it will be hard to enforce, but it's the first legislation in a long time that actually protects the average person from predatory business rather than paving the way for businesses to make money off of unsophisticated consumers.

President Obama signed a bill today that makes it tougher for credit card issuers to raise fees and interest rates.

During a bill-signing ceremony at the White House, President Obama praised the new law, which was the culmination of several years of work by consumer groups and Democrats to rein in what they say are abusive practices that prey on consumers.

The credit card rules would take effect in February 2010 and are not retroactive, meaning consumers could still face rate hikes until then.

The rules makes it harder for people under age 21 to get credit cards. It would also ban rate hikes unless a consumer is more than 60 days late -- and then restore the previous rate after six months if minimum payments are made.

The bill marks a major loss for the banking industry. Financial services representatives have decried the bill, saying it would exacerbate the credit crisis and force banks to drop some risky credit card holders.