Federal bank regulators moved Friday to place new rules on the nation's credit card industry that would make it more difficult for lenders to raise interest rates and would give consumers more time to pay their bills.

If enacted, the regulations would be the most sweeping change in decades, offering consumers more protection against late fees and stopping lenders from making credit offers that regulators deem to be deceptive.

KATHERINE BOEHRET Wall Street Journal

My Dad will be proud to read that I've spent much of the past week studying my finances and figuring out my budget. But I'm willing to bet he'll be surprised to learn that I did this in no time using a free Web-based program.

This week, I tested Mint.com, which serves as a Web home base for account information from credit cards, credit unions and bank accounts. The site securely and automatically logs into those accounts, fetches the latest data and presents the information in easy-to-read and useful ways.

By Peter Urban STAFF WRITER
Article Last Updated: 05/01/2008 04:59:23 AM EDT

WASHINGTON — Lavina Ramchandani, 20, got an American Express card two months ago so she could pay a tuition bill.

Holly Jackson, 19, got a credit card when she needed a laptop.

Ethan Elser, 20, recently used his card to pay for a spring-break trip to Mexico.

All are college students, and all are in debt.

As the economy worsens, largely because so many people took out mortgages they could not afford, the nation is questioning how credit could have been made so easily available and why consumers were so eager to accept it.

Debt Consolidation

Debt consolidation works to eliminate your late fees and reduce your interest rates to make that one monthly payment lower than ever. Avoid taking drastic steps such as bankruptcy by beginning a debt consolidation program today. Debt Consolidation loans can put your home at risk and take tens years or more to pay off. Achieve debt consolidation with this program to save thousands and pay off your debt sooner. Debt consolidation is a booming business mainly because so many people are finally coming to the realization that dealing with debt is much easier and less stressful that most common people think. Even if you are on the verge of bankruptcy, there is a better way.

In the end, your goal is to carry only one or two credit cards, and pay off the balances at the end of each month. If you've gotten carried away and have five, six, or more cards, consider the benefits of closing out most of them: