What do the new changes for credit cards mean for you? If you haven't noticed, many credit card companies have already made preemptive strikes. Since January 2009 many companies have raised interest rates  and fees by 20% and slashed credit limits for an estimated 58 million card holders.

August 2009 new regulations came into effect on receipt of your credit card bill, how much notice consumers are given before their rates are changed and other items.

It's predicted that the credit card industry will be in turmoil for another year. Be sure and watch for notices from companies because if you don't pay attention you may be subject to more fees!

Here are some interesting stats:

*about 85% of credit card owners pay interest or fees every month

*48% incur penalties and or exceed their credit card limits

Naturally, the higher interest rates on balances may cause credit dings which will cause a lower credit score. This could trigger higher interest rates when you purchase goods- such as cars, refrigerators or any other consumer goods you purchase on credit.

You might want to consider switching your card balance over to a lower rate at some point. Just be aware of the good, the consumer protection laws (Card Accountability Responsibility and Disclosure) going into effect, and the bad-the impact of your card's higher rates and credit limits!