Most credit cards currently carry variable interest rates. And while the term "variable" seems to suggest that an interest rate could vary up or down depending upon the movement of the index to which it's attached, that's not always the case.

Here's some simple financial advice for 2010—don't throw away any credit card mail without reading it first!

If you do, you might regret it because those letters cramming your mailbox may still look like shredder-worthy pieces of junk mail, but they could very well contain important information regarding changes to your credit cards' terms and conditions.

Consumers have the right to opt out of significant changes to their credit card accounts, such as increases in interest rates and other unwanted fees. What's this mean?

Opting out basically means you choose to cancel your credit card, make no further purchases, and pay off whatever balance remains at the old interest rate. However, there are exceptions to the opt out rule.

Although most of the 2009 Credit CARD Act's major provisions don't take effect until early 2010, bill-paying procrastinators have something to cheer about already. Effective August 20th, you now have more time to get that credit card bill paid after your credit issuer delivers your monthly statement - make that a whole week of extra time.