3. How should I prepare for new credit card regulations taking effect in February?
Orman: The best thing is to transfer to a credit card company with a credit union. These companies make it their goal to please union members rather than shareholders. But don't wait until February when the regulations change. Currently, you have major credit card companies that are increasing the interest rates on many of their card holders to 30 percent, increasing the minimum payments from 2 to 5 percent. By the time the card act passes, a lot of people who've already had serious damage done to them, it's going to be too late.