Thoughts and Riches

Today, the Federal Reserve passed landmark credit card regulations today, putting a July 2010 expiration date on several credit card practices. Among them: sudden rate increases on existing balances, charging interest on last month's balance that was paid off in full, and putting payments toward a low-rate balance transfer while the high-rate portion racks up fees and interest.

It's a start, but the rules don't address some of the biggest obstacles that even the most diligent credit card holders have faced during the credit crunch, including skyrocketing interest rates and slashed credit lines. Often, card issuers base these decisions not just on how you spend, but on other factors, such as which retailers you frequent - and the criteria are rarely clear.

Here at SmartMoney, we're working to pull back the curtain to better understand what factors prompt a credit card issuer to cut limits. Your participation is critical to this reporting project.

How can you help? We're looking for people who have recently had their credit limits cut and are willing to talk confidentially to us about their spending habits. You can find a few more details here.