Credit-card relief

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NEW YORK (CNNMoney.com) -- Washington has been pressing the credit card industry to adopt more consumer-friendly practices. That's because credit card issuers have been tightening the screws on consumers -- even ones who are up to date and on time paying their bills.

Consumers are complaining not only that rates are rising, but that limits are falling -- hurting credit scores. Some issuers are closing accounts due to inactivity -- which can also hurt your credit score.

Here are some specific examples of changes according to Lowcards.com:

• Capital One increased rates for Platinum Prestige customers to 11.9% from 7.15%.
• Bank of America to increase rates for cardholders with high balances.
• Discover will increase its balance transfer rate to 4%from 3%.

For that reason, experts expect some kind of reform. Already, there are two bills in Congress -- both would ban credit card companies from abruptly jacking up interest rates and fees and preventing young adults from getting credit cards.

Next year -- July 2010 -- the Federal Reserve puts in place new rules on credit cards. Here's what you can expect:

• Limits on over-the-limit fees.
• The end of universal default.
• A longer billing cycle.

I ran into Representative Carolyn Maloney this week -- she's the author of "The Credit Card Bill of Rights." That bill just passed through a congressional committee last night.

And she says that having rules are one thing -- if you remember, the mortgage industry was ripe with rules both before and during the crisis -- but having those rules enforced is quite another ball of wax.

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