In an effort to ward off a deep depression, the Fed dropped its benchmark rate to a record-tying low of 1 percent, and the Bank of England recently slashed Britain's base rate by a record 1.5 percent. Since many credit cards are pegged to the prime rate, which is tied to the fed funds rate, you should expect to see some relief on your annual percentage rates any time now, right?

Existing credit card customers are of great value to credit issuers, and that will never change. In fact, some analysts estimate it costs credit card companies more than $200 to acquire a new customer. Therefore, once they have you, they really don't want to lose you. So if you are unhappy with your current interest rate, the best thing to do is simply pick up the phone, call the number on the back of your credit card, and tell them what you want. You may be surprised how easy it really is.

Piggybacking, a technique that allows consumers with good credit to boost other's credit scores by adding them as an authorized user, will live on. If you haven't heard the term before, it's not a new thing. Parents have used the technique for many years to help their children build solid credit at a young age, but in recent years private companies have begun to take advantage of the practice by connecting bad-credit consumers with good-credit consumers for a fee.

If you are a fan of using your debit card to make everyday purchases, you may want to think twice before filling up this July 4th weekend. Consumers have been complaining across the country about excessive holds on debit card transactions at gas stations. For instance, if you purchase $25 in gas using a debit card at the pump, there may be a hold placed on your account for $100 until the transaction clears with the bank. This process could take up to 3 business days to complete, and you will be unable to use the funds for any other purchases during that time.