The Senate voted today, 90-5, in favor of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009—an effort to crack down on dubious credit card industry practices that make it easy to charge consumers outrageous interest rates and make it harder to get out of debt. Now, the Senate must merge their proposed changes to the credit card industry with the similar Credit Cardholders’ Bill of Rights Act of 2009 that the House of Representatives passed in April 357-70. If the bills can be successfully joined, President Obama is expected to sign the bill into law this week.

What will these changes mean for you? [...]

Once upon a time, college students and others in their early twenties (or even late teens) could get any number of credit cards without having a prior credit history, making it easy to start to build credit. In today’s tightened credit markets, however, the road to building good credit in college or in your early twenties is a bit more difficult. If you don’t have credit yet but hope to buy your first home or get another type of loan in a few years, what are your options? [...]

I frequently write about ways you can improve your credit score, so this post may appear hypocritical. But I’m seeing so many people obsess about their FICO score and other credit scores these days and, quite frankly, I don’t think it’s healthy. Honestly, when it comes to getting your finances in order, your credit score should probably be your last priority. [...]

Here’s another reader question about canceling credit cards:

I recently paid off the last of my credit card debt so all I owe now is a small student loan and my car payment both of which will be done in less than three years. My wife are in the process of consolidating our accounts and joining our finances and I want to get rid of some excess baggage. I currently have the following cards: [...]

If you, like most Americans, are fed up with the banking system, then social lending might be for you. I believe social lending is the way of the future for both borrowers and investors. And today, when bank savings rates are tiny, the stock market is up and down, and few banks are making loans to even well-qualified borrowers, there has never been a better time to look at social lending networks like LendingClub and Prosper. [...]

Most credit cards report several pieces of information to the three credit bureaus: Your payment history, your current balance, and your card’s credit limit. That last one is important because a big part of your credit score is based upon how much of your total available credit you use. Unfortunately, some credit cards do not report your credit limit. Carrying a balance on these cards could lower your credit score. [...]

One of the most common questions I receive via my contact form is: “Can I close old, unused credit card accounts without hurting my credit score?” Most often, the answer is no. Here’s why. [...]

When I asked readers how you split expenses with your partner or spouse, a few responded that they maintained separate checking accounts but shared a joint credit card account for monthly purchases like groceries and utilities.

I recently started doing the same thing with my fiancee. We think, at least for the time being, it’s a good idea. But before you do the same, there are a few things you should consider when you decide to add an additional authorized user to your credit card account or become an additional user on your sweetie’s account. [...]

Pertuity Direct is a new social lending site where consumers can lend and borrow money directly without the involvement of a traditional bank. In this Pertuity Direct review, I’ll take a look at some of the features and explain how Pertuity compares to other social (or peer-to-peer) lending networks like Lending Club and Prosper. [...]

For the foreseeable future, new credit will be increasingly difficult to obtain. Whether your goal is a new credit card, auto loan, or a mortgage, you may have to wait until credit markets improve, you improve your credit score to an excellent level…or both. That said, it’s not time to ignore your credit score. In fact, it’s the perfect time to work on improving your credit score. Here’s why, and how. [...]