Hello and

welcome to Moneygirls quick and dirty tips for a richer life.

I'm Laura Adams. I'm Laura Adams. In this show I'll offer 10 ways to use credit cards wisely and share some thoughts on the upcoming credit card legislation.

If you listen to last week's show five financial tips for new graduates,

you know that one of my tips was to be very cautious with the use of credit cards.

That's because of all the ways people can get themselves into financial trouble.

Credit cards tend to be the most common accessory to the crime.

On the surface, credit cards seem so flimsy and innocent.

Who can imagine their ability to body slam your financial well-being

when you least expect it? Not only have credit cards been incredibly easy to get, but their

unpaid balances are one of the most expensive types of debt to have.

And of course we all know how easy they are to use.

That's a triple whammy that can really work against anyone who lets down their

financial guard even for one shopping trip.

But despite all the potential harm that credit cards can inflict, they have a beneficial side too.

So I wanted to follow up this week with tips about how to use them wisely and to give you a bit of information regarding recent legislation.

The law is called the Credit Card Accountability, Responsibility and Act, or Credit Card Act of 2009.

The new credit card regulations will be gradually phased in with the earliest starting in August

of this year.

They're intended to protect consumers

from various fees and surprise interest rate hikes on their existing balances

among other sweeping changes. The banking industry opposes the legislation because they fear it will make

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