Dear Creditnet: I just received information in the mail Saturday that Citi Platinum Select will now start charging an annual fee of $60. I have had this card since 1989. Of course there are ways to avoid that fee, but should I just start looking for another credit card?

 Barney Frank, Chair of the House Financial Services Committee, and Rep. Carolyn Maloney (D-NY) are tired of waiting for their new bill to take effect. In fact, last week they announced new legislation that would move the effective date for the remaining provisions of the Credit CARD Act from next February to Dec. 1, 2009 - exactly two months from today. In a press release issued by the House Financial Services Committee on 9/24, Maloney claimed that "credit card companies are taking advantage of this period between the signing of the bill and the current effective date." There's no doubt about that. As you may have experienced yourself, millions of consumers have been forced to deal with reduced credit limits and interest rate hikes averaging 20% ever since the bill was passed, and Maloney believes the "breadth and depth of the rate hikes happening now point to the need for faster consumer protections."

On average, about 50% of all US marriages end in divorce, with one of the top causes being money. So whether you're a newlywed, nearly dead, or somewhere in between, it's not too late to strengthen the financial foundation that is vital to a successful marriage. Here is the first in our series of blog posts on financial mistakes made by married couples, entitled "M³ - Marriage Money Mistakes":

Mistake #1: Closing all credit cards so you can open brand-new joint accounts

Marriage introduces a life filled with newness: you get rid of the worn-down, not-sure-if-I-even-want-to-sit-here, bachelor-pad sofa, and get a cool, black leather one. You’ll throw out your mismatched plastic cups and replace them with a set of crystal glasses from Macy’s. And your Star Wars bed sheets just don’t seem to go as well with your sleek bed frame as 1500 thread count Egyptian Cotton sheets. As you get rid of the old and embrace the new, make sure you don’t apply this same rational to credit cards—closing out all individual cards and opening new accounts jointly. Doing so is completely unnecessary and guarantees a nosedive in your credit score.

One of our favorite business credit card issuers, Advanta, has decided to cease lending to its business credit card holders. Whereas other credit card lenders are simply ceasing to lend to new customers, Advanta will also shut down all existing accounts for future use. So if you have an Advanta credit card, you'd better start looking for another way to pay for your business expenses.

According to a study published by Nellie Mae (2005), 56% of undergraduate freshman obtain their first credit card at age 18. Unfortunately, most fail to receive any education about how credit works or what it takes to build a solid credit history after the card arrives in the mail