Credit card and cell phone companies will have to wait to settle any disputes with customers as two arbitration firms have ceased mediating consumer-debt disputes until new rules are established.

It's no secret that many Americans are cutting back tremendously on their spending but are the new saving habits here to stay?

Credit card merchant fees are the latest target by legislators, consumer groups and retail trade groups, but I for one don't particularly mind these "behind the scene" fees for several reasons.

From getting their own credit card at 19 to being responsible for their own bills (minus a co-signer), Karen Blumenthal believes that young adults should be able to make their own mistakes and learn about finances the hard way.

Although debit card growth recently eclipsed credit card growth, credit cards still have many advantages over credit cards. Five primary advantages center around consumer protection issues.

As the recession deepened, so did consumers' ability to dig themselves out of debt, forcing credit card issuers to raise rates, conjure fees and cut limits. Now Americans are fighting back.

Instead of paying down credit card balances, many are opting to become delinquent and use their cash to pay other living expenses.  

In response to less consumer spending, J.P. Morgan Chase is launching the Ultimate Rewards program through which customers can redeem points earned spending on a wide range of items.

The new credit card legislation promises consumers some desperately needed relief from the notorious credit card gotchas that the industry has become so closely become associated with, but may not be a cause for much of a celebration after all.

Credit cards from credit unions often are better deals than bank credit cards -- and this should become even more evident as a new federal law tightens terms on interest rates and fees.