Credit card reform cannot seem to happen quick enough for consumers or President Obama’s Administration.

CNNMoney.com was the first news source to cover the story about the a House passing a bill to speed up the CARD Act – or more formally known as the Credit Card Accountability, Responsibility, and Disclosure (Credit CARD) Act – from the original February 11, 2010 start date to December 1, 2009.

Putting the CARD Act on the fast track appears to be a victory for the consumer and to come just in time for another financially frail holiday season where families might need to rely on plastic to make ends meet.

The push for earlier implementation of the rules was due to consumer outcry, because in recent months credit card companies have prepared for the upcoming losses by increasing interest rates and changing terms..

However, speeding up the enforcement of the rules by the House Financial Services Committee could cause further hurt. This CardRatings.com article covers how the credit card companies will end up quickly tacking on new or increased fees onto the consumer.

Rushing lenders means the banks are not ready to met demands of changes – and new demands bring new costs. Costs that could be built into new credit card fees, so watch your statements and bank mail carefully.

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