Regular readers know that we never hesitate to take Congress to task for some of the wacky things going on in their (actually our) hallowed DC halls.

In all fairness...we are happy to pass along some big, positive developments for us consumers.  Here are three big moves Congress made today:

The House has voted to push up the effective date of credit card law to December 1st.

Good news!

Why the original deadline was set in February 2010 for the bulk of the changes in the first place, we'll never know!

The U-S House has voted 331 to 92 to pass legislation that moves up the effective date of the new credit card reform act.

Now those changes become effective on December 1st...just in time for holiday shopping!
The rules prevent credit card companies and banks from continuing to increase interest rates on credit cards. Here are all the details on the new credit card legislation.

Many consumers have already had their interest rate DOUBLED in the past few months, even on existing balances...can you believe it?

We can! When the credit card law was initially passed, Congress gave financial institutions until February because many institutions complained that they needed more time to update their systems.

In our opinion, many companies just wanted the extra time to gouge its credit card customers...the very customers who have always contributed so grandly to their bottom line profits.

We hope that the Senate will soon approve this legislation so that December 1st will be the date that these rules become law.

Congress extends jobless benefits.

President Obama signed into law TODAY the jobless-benefits measure which would extend federal payments to the long-term unemployed by up to 20 weeks from the current maximum of 33 weeks in many areas of the country.

The House voted 403-12 to pass the bill after the Senate unanimously approved it earlier this week.

The vote includes an extension of federal jobless benefits by 14 weeks for unemployed Americans in all 50 states, and by 20 weeks in states with jobless rates averaging at least 8.5% in the previous three months.

The national unemployment rate hit a 26-year high of 9.8% in September, and the just announced October unemployment rate is at 10.2%! That's the highest rate since 1983.

Good move, Congress...it will help LOTS of Americans who are struggling to keep their heads' above water.

First-time homebuyers' credit extended.

As part of the government's efforts to encourage people to spend money to help revive the economy, the House has just voted 403-to-12 to expand a popular tax credit for home buyers.

President Obama signed that bill today, too.

First-time home buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package.

Special housing credits were scheduled to expire at the end of November, but, the House voted to extend it into the Spring AND expand it to many people who already own homes.

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.

First-time home buyers - or people who haven't owned homes in the previous three years - could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

The credit is available for the purchase of principal homes costing $800,000 or less...and the credit would be phased out for single filers with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Vacation homes are NOT available.

Our concern with these credits is that they may artificially keep the price of homes higher than they would otherwise be, making it more difficult for first-time homebuyers.

You should also know...that thousands of homeowners on the verge of bankruptcy will soon have the option of renting their homes from Fannie Mae!

The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

That's a lot of action for a Friday! Stay in touch with Dolans.com for all the latest money news you can use!

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