Fed regulators adopted new rules for the credit card industry that will curtail some of their most anti-consumer practices. Unfortunately, they don't take effect until July, 2010. Here's what they are:

• No more raising rates on existing balances
• No more double-cycle billing.
• Any payment above the minimum must automatically apply to the part of the balance with the highest interest.
• Minimum time before notice of change of terms takes effect goes from 15 to 45 days.
• Borrowers need reasonable time before a payment is due, at least 21 days
• No excessive fees for exceeding credit limit because of a hold placed on the account
• Subprime credit cards that have a $500 credit limit but a big upfront fee will have that fee capped at no more than 50% of the credit limit, and it can be paid off over a year, rather than immediately.

Regulators adopt new credit card rules [AP] (Thanks to Brandon!) (Photo: frankieleon)