Today marks a new era in consumer rights for credit cards as President Barack Obama will be signing a new bill later today.  The new law provides "needed reforms that provide American consumers with the strong and reliable protections they deserve," was the statement released from the White House. The bill easily passed through Congress with strong bipartisan support.

The bill will protect younger people and college students from falling into the credit trap.  Credit card companies will no longer be able to issue cards to people under 21 unless they can prove they have the means to repay the debt or have their parent/guardian co-sign.

Credit card companies have traditionally been aggressive marketers to the college demographic.  Targeting As a result, the average college senior with a credit card is leaving school with a $4,100 debt.  No way to get started in life.

The new bill also provides that credit card companies can't bump your interest rate until you are at least 60 days late paying your bill.  If your low interest credit card is hit with an interest rate increase, the credit card company will be forced to restore your original rate after 6 months of on time payments.

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Additionally, credit card companies will have to give their card holders 45 day notice, as well as an explanation, before raising interest rates. If your card has multiple interest rates associated with it, card issuers will now have to apply any payments to the balances carrying the highest interest rates.

With a nation carrying an estimated $2.5 trillion debt, excluding mortgages, this is all very welcome news.  There are still some excellent choices for low interest credit cards available to consumers and these changes make those cards even more appealing.  Check out or ratings and read our low interest credit card reviews.