Dear Creditnet: I recently began helping an elderly neighbor pay his bills. One credit card statement arrived today and indicated that his payment is due in just 18 days. They also request that it be mailed at least 7 to 10 days in advance to avoid a late payment fee, so that only gives him 11 days to cut a check and get it in the mail. This just doesn't sound right to me. Am I wrong? Answer: I wish my grandparents had a neighbor like you. Kudos for lending a helping hand. Your neighbor's credit issuer will need to receive payment by the due date or they will most likely charge a late fee and begin charging interest on the existing balance as well. That's why they're suggesting you send payment at least a week or so in advance. Unfortunately, the mail can be quite slow sometimes.

 Dynamics Inc., a developer and manufacturer of advanced payment devices, recently took best of show at Finovate Fall 2010 when they announced their partnership with Citi and the launch of a new credit card that allows consumers to redeem rewards right at the cash register.

[caption id="attachment_1735" align="alignleft" width="300" caption=" "][/caption] Credit issuers have become quite stingy when offering new credit card limits. But who can really blame them? With unemployment high and the economy still sputtering along, it shouldn't come as a surprise that credit issuers want to do everything possible to reduce unnecessary risk. Likewise, consumers are trying to reduce their own risk by paying down credit card debt and saving more cash. According to the latest report from the Federal Reserve Bank, revolving credit decreased nearly $900 million between June and July of this year. That marks a total annual decline of 1.8 percent and suggests that Americans are truly serious about not only curbing spending but also managing their existing debt.

These are strange economic times we live in. I've heard others refer to it as the "new abnormal", alluding to the fact that their guess about where our economy's headed is basically as good as anyone's. And I have to agree—nothing seems to make sense anymore. People are walking away from their homes yet still vacationing and buying up the latest expensive Apple gadgets. Unemployment continues to hover around ten percent, yet I can't ever find a parking spot at the local mall. And the stock market...well, it's all over the place. Absolutely nuts! Federal Reserve Chairman, Ben Bernanke, may have said it best when he declared in July that our economic outlook is "unusually uncertain." Way to go out on a limb there Mr. Bernanke.  I don't know about you, but I've felt unusually uncertain for almost two years now.

[caption id="attachment_1624" align="alignleft" width="243" caption=" "]Photo by Andres Rueda[/caption]

Has it not felt like an eternity since President Obama first signed the Credit CARD Act into law? Here we are almost 15 months after the stroke of his pen, and we're still waiting for the final round of new credit card rules to take effect.

Fortunately, we don't have to wait much longer. Beginning August 22nd, here are five of the final key changes you should expect to see from your credit card companies: