According to a recent statement by Senator Charles Schumer, the Federal credit card legislation, which is all set to become a law in 2010, should take effect sooner. This would, he believes, put a stop to the credit card companies' practice of constantly rising interest rates before the new law comes into effect.

While the Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed as early as May this year by President Barack Obama, some elements of the legislation will not be able to take effect until February or August 2010, thus the reason for the delay. Senator Schumer is, however, pushing for the legislation authored by Sen. Mark Udall, to become a law much sooner, as soon as December 01, if things are to go his way.

"They (credit card companies) just went ahead and started raising people's rates for no reason", Schumer said. "They're trying to maximize their profits on backs of consumers". While the American Bankers Association has not commented on the issue yet, the proposal has garnered much support.