Credit cards are gouging me

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NEW YORK (CNNMoney.com) -- Question 1. How much longer are we going to accept the recent practice of credit card companies to gouge customers in good standing with higher fees and interest rates just because they can? - JoAnne

You're right to be miffed.

Here's where we are now with credit card reform: In mid-December, the Federal Reserve passed requirements that card issuers must give you 45 days notice before they increase interest rates and make disclosures more prominent.

Here's the catch: this won't become law until July 2010 says Curtis Arnold of Cardratings.com. However, Senator Chris Dodd, chairman of the Senate Banking committee, has held hearings on his credit card reform bill that has many of the same consumer protections as the Federal Reserve proposals. Consumer advocates hope this bill will become law as early as this spring or summer.

In the meantime, watch your credit card statement carefully as credit card companies are raising rates and reducing your credit limit -even on good customers. Avoid any fees by reading the fine print.

Question 2. I have my taxes completed and ready to e-file. Are there going to be any new deductions or credits since the new stimulus package has been passed? Should I wait, or go ahead and e-file? - Bob, Ohio

Go ahead and hit send Bob because most of the tax advantages in the stimulus package aren't even going to show up until next year's tax return - in 2009.

This is, unless you bought a house already this year. And in that case you would get an $8,000 tax credit.

In the meantime, gather your receipts for any home energy improvements you make this year, since you can claim them in 2009 says John Roth of CCH, a tax information company. If you buy a car this year, you can deduct the sales and excise taxes on next year's return.

Question 3. We owe $100,000 in credit cards. The late fees and high APRs from the credit cards are killing us every month. Should we try a debt consolidation loan or a debt settlement program? - Ana, Tennessee

The median home price in Tennessee is $118,000. So, for the amount of credit card debt you have, you could have bought a whole new house.

Forget debt consolidation or settlement companies. They are in the business to make money. Normally we would advise trying to get on a debt management plan where you pay off your debts in three to five years.

But paying off $100 grand is going to make that a difficult option. You may need to consider bankruptcy. Go to the National Foundation for Credit Counseling at NFCC.org. They may be able to direct you to a bankruptcy attorney. In the meantime, lay off the plastic.