A new act called the CARD Act was signed into law last May 2009 is promising consumers more transparency about their credit card bills, but cardholders beware! it may require invoice factoring to get out of debt once you are in too deep with credit cards.

Watch our for higher fees as consumers could suddenly find themselves socked with a variety of new charges. In fact, banks and other card issuers have been aggressively implementing new fees or raising existing ones to help make up for any potential revenue lost as a result of the CARD Act.

Three percent was once the standard charge for rolling over a balance from one credit card to another, issuers are now assessing customers a five percent fee. Experts are warning consumers to pay attention to the “Terms and Conditions” section of their statement so they know exactly what they are being charged for.

According to IRA Bank Monitor, it will be harder to get a credit card in the future. Credit is poised to tighten even further. As part of the CARD Act, credit card companies will be severely restricted in how they market cards to college students.

The amount of credit made available to consumers by credit card companies plunged by $252 billion, or seven percent, between March and September of last year.

Consumers with poor or even a mediocre credit history may find it much more difficult to get a card or have their credit limit extended after the new law takes effect today — Feb. 22.

Whereas invoice factoring is a solid financial strategy to get our of dept, contact IFG Network to see if there’s a solution for you too.