The Credit Card Accountability, Responsibility and Disclosure Act of 2009 has come up with several changes to help curb certain industry practices, trim down unfair fee and rein in enormous interest rate increases. According to the new law, credit card issuers have to unveil how long it will take customers to do away with their debt, if they choose to make only minimum monthly payments.

"This law is putting the consumer in a stronger position. It's not absolving them from the requirement that they pay their bills, but it levels the playing field quite a bit", said Austan Goolsbee, a member of the President's Council of Economic Advisers. Under this portfolio credit card reforms fall.

Interest rates cannot be raised on existing balances by the issuers. If you are more than 60 days late, the company has the right to increase the interest rates. The companies might compel you that all kinds of awful things might happen if you can't spend over your credit limit.