The second phase of the Credit Card Accountability Responsibility and Disclosure (CARD) Act goes into effect today, providing new regulations that protect consumers against high rates and fees from credit lenders.

We have minimum legal ages for all kinds of activities we think are too dangerous for younger people; driving a car, smoking cigarettes, gambling, drinking alcohol...the list goes on and on.  

It was signed into law last May 22 by President Obama but the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 officially went into effect last August 20. And that's just the first phase of it.

With the rising number of job cuts and foreclosure, consumers would certainly welcome some breathing room from their financial problems. Lawmakers are trying to do just that by banning excessive fees and arbitrary hikes on their credit cards. The proposed restrictions are expected to pass the Senate on Tuesday after the House endorsed the plan. The final version is expected to be signed by President Obama at the end of the week.