This just in from Bloomberg:

Issuers must now give consumers 45 days notice of any interest rate changes so consumers have time to research their options.

The next wave of the new law is supposed to take effect in February. But Congress is debating whether to move up the next wave of consumer-friendly credit card reforms because several credit card companies have been sticking consumers with interest rate increases and fee hikes to get out ahead of the new rules.

I also received word last week from Billshrink.com that said that its most recent examination of rates since the first wave of credit card reforms took place in August found:

Many credit card experts are advising that if you have just one or two credit cards, now might be the time to apply for a second or third. That way, if your credit card makes unfavorable changes to rates or terms in the upcoming months, you have an additional option. I'm one to agree with this advice. Unfortunately, no one can say which company is least likely to raise rates in the future, so who can say that you won't find yourself in the same boat with your newly acquired card?

Some might worry that having too many credit cards can hurt your credit score. While 10 percent of your credit score is based on the issuance of new credit (because opening a bunch of new cards or credit lines could signal financial distress), if you aren't planning to apply for a new loan or a buy a house, and you haven't just applied for new credit recently, applying for a new credit card shouldn't harm your score too terribly.

Personally, I have eight credit cards and a ridiculous amount of available credit. And my credit score is still above 800.