The panic-stricken days of Thanksgiving 2008 may be nothing more than a distant memory, but the fact is the economy still stinks. Unemployment has surpassed the 10 percent mark, credit markets have continued to tighten, and times are just plain rough for a lot of American families. It can be downright depressing at times.

[caption id="attachment_1019" align="alignleft" width="90" caption=" "]Photo by HikingArtist.com[/caption]

How can a company find customers willing to pay almost $400 in fees for a credit card that will only finance 30% of purchases from a single catalog? It's hard to imagine, but the FTC seems to have caught one dead in its tracks.

According to a press release issued on November 3rd, a formal complaint was issued in federal court alleging that Low Pay, Inc. used deceptive mailers to market its card to consumers with credit problems, charging them hundreds of dollars in up-front fees and often reneging on its refund policy. In response, Low Pay has apparently agreed to pull the plug on its questionable practices while they battle it out with the FTC.

The actual complaint explains in more detail how the FTC believes Low Pay pulled this whole thing off. Here's what was allegedly going down:

The Credit CARD Act of 2009, signed into law by President Obama on May 22nd, just cleared a major hurdle in its path to early adoption. As reported on CNNMoney.com last week, the House of Representatives overwhelmingly passed a new bill which would move the effective date for credit card reforms from February 2010 to December 1st. That's just under three weeks from today!

Should you opt out, opt in, opt in to opting out, or opt out of opting in?

So many choices!  But when it comes to over-the-limit fees, there's only one answer in my mind— opting out.

One of the major provisions in the CARD Act of 2009 is that banks will no longer be able to charge over-the-limit fees unless customers choose to be allowed to make purchases in excess of their credit limits.  So, you will have the right to "opt out" of over-the-limit fees, which are often as high as $39, by simply telling your bank you would rather live within your credit limit.

Despite a great deal of opposition from big-business lobbyists and right-wing politicians, the Consumer Financial Protection Agency (CFPA) has moved one step closer to seeing the light of day. The House Financial Services Committee, led by Chairman Barney Frank (D-Mass.), approved the CFPA's creation last Thursday and will now send the bill on to the full House.  And while the legislation is definitely a more watered-down version than others introduced earlier this year, its supporters, including President Obama, seem quite pleased with the progress so far.