Credit card consumers have been at the mercy of credit card issuers for quite some time. Unfortunately due to the recent and seemingly constant changes within the industry, trying to keep your account in good standing is becoming more of a gamble versus a sure thing. There are two options for consumers when dealing with these changes. The first option is paying off your balances and getting out. Some people are quite frankly sick of playing this game and have decided eliminating debt and adopting a cash only lifestyle is easier then dealing with credit card companies. The second option and one that should only be considered by people who are disciplined with their spending habits is to continue using your credit cards and trying to work with the system. Remember many of the changes taking place are most damaging to consumers who have a high level of debt or people who are struggling financially.



Whether you decide to play or opt out of the credit card game, you should understand the changes that are taking place which may affect all consumers who currently have a credit card. Before you can understand changes you must first see what the terms and conditions are for your account. If you haven't already, gather recent statements and go over them. Read all the information including inserts or attachments where important information is usually overlooked. Understanding your current terms are the first step, now you have the information needed to manage your account more efficiently.

Penalties and Fees- Credit card companies make a lot of money off of your mistakes or misunderstanding of terms. Over the limit fees, late fees and cash advance fees are just a few of the miscellaneous charges that can appear on your account leaving with more debt and most likely a huge increase in interest.

Interest Rates- Banks do not have to comply with consumer protection rules that have been passed until 2010. If you think you won't be effected because you handle your account responsibly, think again. Consumers who have maintained their accounts flawlessly are not safe and many have been targeted with higher interest rates and reduced credit limits through no fault of their own. This makes it even more important for consumers to read their statement every month. Some issuers give their consumers the option of opting of the higher interest rate but you will not be able to use that account any longer. Read your inserts and if you have any questions contact your credit card issuer right away.

Closing Accounts- Use caution when closing accounts and understand how your credit score will be affected. Many people who are fed up and frustrated with the treatment they are receiving from credit card companies are willing to pay off their balance and close the account. Before you respond emotionally take a few moments to see how closing that account will affect your credit history. Remember paying them off and closing the account is not going to hurt the credit card issuer AT ALL. Your credit score on the other hand will suffer if you close older accounts or an account that has a high credit limit. Act rationally and make decisions that are in your best interest.