by Alison Storm | 03/4/10

Wondering how the new credit card law impacts you? Chances are, it does. Here are four ways the new credit card law may mean changes in your life.

1. You're Paying Higher Interest: Before the law went into effect, many credit card companies increased their interest rates for current customers. Did this happen to you? Don't just sit back and deal with it-- start researching alternatives. Find a new credit card that doesn't charge such high interest.

2. You're Stuck with Fees: No one likes fees, but that doesn't stop banks and finance companies from charging them. In fact many new fees have popped up that you may not even know about. Thankfully banks are required to be open and honest when it comes to the fees that they impose. So do your research and be prepared to fight an unfair fee.

3. Your Credit Score Dropped: Your credit score can depend on how much available credit you have compared to the debt you hold. Lots of lenders reduced credit lines unexpectedly which means your debt to credit limit ratio increased-- a move that in turn lowers your credit score. Make sure you're monitoring your credit score and doing what you can to keep it up.

4. Your Rewards Aren't so Plentiful: Many credit card companies have tightened the belt on rewards programs. Now you may have to spend more to cash in on all of those airline miles or cash back perks. Find out the rules of your credit cards' reward programs and consider focusing on the card with the best offer. You may even want to consider finding a new credit card with a less strict rewards program.

Feeling like you need more information about the new credit card law? Check out this information from the Federal Reserve.