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      New Credit Card Rules in Effect

      It only takes one swipe and consumers could have anything they want.But it's that swipe that has put millions of Americans in debt. But for many the new credit card accountability, responsibility, and disclosure act, which was signed into law last year, looks to be the light at the end of a debt filled tunnel. "There are going to be a lot of benefits," said Marla Lutz with consumer credit counseling services. There are many laws that will protect the card holder. Some of those: Late charges will not be assessed until two months after a credit card bill is late. A person will have more time to pay the bill, getting a statement 21 days before the payment is due versus the 15 days you use to get. There will be no more universal default clause.This clause used to allow any creditor to raise interest rates if you fall behind on your bills. "Somewhere along the lines they're going to have to make up the late fees they're not going to charge and have to pass those onto the consumer as well." One area that could be affected is interest rates. "They didn't put a cap on what they can charge you in interest rates and that's where they came short with the new law." Banks can continue to raise those interest rates as much as they want, but they do have to give you a 45 day notice instead of the 15 they use to give. For more information on this act you can log onto