Extra fees, penalties and arbitrary interest rate hikes will soon be a thing of the past.

"A lot of people know it's coming, but they don't know the specifics of what it is," Joe Burm of Green Path Debt Solutions said.

Starting Monday, the federal "CARD" Act finally takes effect, which is good news for consumers.

"One of the big things credit card companies can do is raise interest rates," Burm said. "Now they won't be able to do that on past purchases, only future purchases."

Credit card companies will also have to give more notice of an interest rate increase and won't be able raise your rate on one card, just because you miss a payment on another.

Plus Burm said, your statements will be much clearer to read.

"Statements are going to say how long it will take you to pay off your balance if you just make the minimum payments," he said, "plus how much interest you're going to pay over that time period."

There will also be more changes for young adults. No longer will credit card companies be able to market on college campuses, plus young people will have to have a co-signer unless they can prove they can afford the payments.

MSU students we caught up with are all for the changes.

"That's a great idea, that's how people get into trouble can't afford to have a credit card, but have one anyway," MSU Junior Devan Feeney said.

"I think it's a good idea," Freshman Austin Griffin said. "A lot of kids do end up getting into debt, it's so easy to spend money."

The new rules are meant to protect consumers, so they don't get into trouble.

Burm said credit card companies are looking for ways around the new rules, so it's important to read your statements. For instance, some companies are increasing minimum payments since they will be unable to increase interest rates.

**To get more information on the changes, go to the Attorney General's web site.

http://www.michigan.gov/ag/0,1607,7-164-17337_17291-229856--,00.html