If you have a Chase credit card, you have probably noticed the $10 per month service charge that has been added to your monthly credit card statement as recently as November of last year. If you are like thousands of other Americans, this monthly service charge has infuriated you.

However, the New York Office of the Attorney General has ordered Chase Bank to stop charging cardholders the monthly fee. Attorney General Andrew Cuomo announced on March 30, 2009 that this monthly charge had been added by Chase to over 184,000 credit accounts across the nation. The monthly service charge was imposed mostly on new accounts with a promotional APR.

Most of these monthly fees were added to customer accounts beginning in November 2008. There are more than 100 million Chase credit cards around the country and cardholders around the country were completely outraged by Chase’s actions but were told that there was nothing that could be done.

Luckily, Attorney General Cuomo took matters into his own hands. He said, “My office will not sit back and allow banks to promise one thing in its solicitations and agreements with consumers, and then when times get tough, change the deal, leaving consumers holding the bag. Truth-In-Lending laws prohibit this very conduct. I am glad that Chase has now reconsidered its ill-advised, illegal decision, and will now live up to the terms it originally offered and agreed to.”

Not only will this monthly service charge no longer be charged to thousands of accounts, but the money that was already charged to these consumers will be given back. Chase will refund approximately $4.4 million to deserving customers around the country.

The U.S. housing market has been in serious trouble for quite some time. To be exact, the housing market has faced serious decreases in sales for over a year. Similarly, the credit card industry is facing extinction.

U.S. homeowners simply can’t afford the homes in which they live. How did this happen?

Before you buy a home, you have to submit paper after paper. You have to show pay stubs, your tax returns, etc. How were people able to get into homes that they couldn’t afford?

It’s simple…mortgage companies, banks and other lenders became too greedy and selfish. They didn’t care about the financial well-being of their customers. Instead, these companies changed or altered their policies and procedures in order to “qualify” people for homes that were way out of their league.

Credit card companies pursued similar practices. Credit card companies gave people limits that were too high and signed people up for too many credit cards. What was the result? People started getting too far into debt.

Now, consumers who used their credit wisely and who know how to handle their finances responsibly can’t even qualify for low credit limits. Mortgage lenders have quickly changed their policies. Credit card companies have done the same.

So, how are consumers able to buy homes now with credit cards? Consumers who couldn’t qualify for homes through a traditional mortgage are now looking to put their home debt on credit cards.

Could you imagine putting that much debt on your credit card with only one transaction? Not to mention the fact that credit card interest is upwards of five times higher than traditional mortgage rates.

No wonder our economy is seriously distressed. No wonder our people can’t pay their bills. Although the economy is unraveling before our eyes, shady business practices are still being used. What will it take to turn the tide?

Let’s face it. The current economic situation is downright depressing. Jobs are being lost. Homes are being foreclosed on. American citizens are not able to pay their bills.

To make matters worse, the credit card industry is placing unintentional and intentional heat on the American consumer. This is adding more and more stress on everyday Americans who are already having a very difficult time paying their bills.

Credit Card Unintentional Stress
How many Americans have a credit card? How many of those consumers have more than one credit card? How many have more than five? More than 10? We, as an American society, have become almost completely dependent on credit cards.

Having one credit card can be easily managed. However, managing more one credit card becomes increasingly more difficult. That is exactly what is adding to unintentional credit card stress.

Consumers have realized that they are having a hard time paying their bills. They are having a hard time making the mortgage payment, paying the utilities and putting food on the table. Credit card payments have been completely pushed to the back burner.

Although there are well-intentioned credit cardholders out there, there are also many people who simply don’t worry about paying their credit card payments. Whether you intend to pay your credit card payment, or you don’t, you need to start thinking about the amount of credit card debt that is attached to your good name.

Many consumers just pay the minimum payment every month. In fact, more than thirty percent of credit cardholders only pay the minimum payment every month. Consumers who only pay the minimum payment have recently found themselves under a great deal of stress. Why? Because they just can’t get out from under their credit card debt by just making the minimum monthly payment.

Sit down and create a reasonable budget. Plan on allocating as much money to your credit card debt as possible. Make a conscious effort to pay at least the minimum payment (but preferably more) every month (although paying “just” the minimum payment won’t get you out of debt very fast. Get rid of your credit card woes by paying off your credit card debt.

If you have been in the market for a new credit card, you may have noticed that customers perks are getting better and better. Credit card customers have a lot more to choose from these days instead of just frequent flier miles.

Retail stores and credit card companies are competing to win your love and devotion. In order to do this, they are offering better and better perks.

Reinier Evers, the founder of Trendwatching.com, said, “Old perks were very much about collecting points to get ’stuff’ for less or even for free. But those programs often got complicated and confusing. It felt at times as if the companies were pulling a fast one on you.”

New credit card perks are designed to make each customer feel like a VIP. Each perk makes the customer feel special in one way or another.

Here are just a few examples of awesome, new credit card perks…

• Only American Express cardholders are eligible to buy the “winning dress that was featured on the September 3 episode of Project Runway.” The dress was sold for $650 through designer Diane von Furstenberg’s web site.

• Island Lincoln Mercury Land Rover and Jaguar in Merritt Island, Florida offers an unheard of perk for those who purchase vehicles through the dealership. Vehicles owners get exclusive “Island” access to their on-site facilities. These facilities include: a state-of-the-art health club, am 1890s styles barbershop, a play area for children, a video arcade, a theater, high-speed Internet access, free coffee at “Carbucks” cafe, the Tiki Grill restaurant and more. You can even fill up your car at their gas station and pay the wholesale price.

• Visa Signature cardholders can take advantage of a different kind of perk. These cardholders can use private luxury restrooms at the Outside Lands Music and Arts Festival in San Francisco. This is a much better option than using the other option… portable toilets.

These are just a few of the incredible perks available to card members. Everyone is competing for your business, so take advantage of these incredible perks and offers. Who says now isn’t the time to look for a new credit card?

On Thursday, the Federal Reserve Board approved the final set of rules that will help protect consumers from unfair credit card pratices and improve disclosure associated with revolving credit accounts. The new rules are set to take effect July 1, 2010. The new credit card rules are primarily aimed at preventing arbitrary rate increases and providing consumers with adequate time to pay bills.

“The revised rules represent the most comprehensive and sweeping reforms ever adopted by the Board for credit card accounts,” said Federal Reserve Chairman Ben S. Bernanke.  “These protections will allow consumers to access credit on terms that are fair and more easily understood.”

In addition to arbitrary rate increases and providing adequate time to make payments, the new rules will also:

• Forbid banks from imposing interest charges using the “two-cycle” billing method.
• Prohibit the use of payment allocation methods that unfairly maximize interest charges.
• Address subprime credit cards by limiting the fees that reduce the amount of available credit.

The Board received over 60,000 comments from consumers and considered information gathered from consumer testing to finalize the rules on unfair credit card practices.

The Board will also be implentmenting revised rules to Regulation Z (Truth In Lending Act) for credit card and other types of revolving credit accounts. The new changes are designed to make sure that information is provided in a timely manner and in an easily understandable form. The final rules will require changes be made to the timing, format and content requirements in which consumers receive credit card applications, solicitations and disclosures.

“Our intent is to increase transparency and fairness in how credit card and deposit accounts operate, thereby enhancing competition and empowering consumers to better manage their accounts and avoid unnecessary costs,” said Federal Reserve Governor Randall S. Kroszner.  “The rules represent a significant step forward in consumer protection.  By ensuring fairness and making credit terms easier to understand, these safeguards should allow more consumers to benefit from using credit.”

For full details and to read the Federal Reserve’s full press release, click here.