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NEW YORK (CNNMoney.com) — Cash-strapped consumers adeptness get some acceptable account on Thursday aback regulators vote to rein in arguable acclaim agenda practices.

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The proposed rules, which accept accustomed cutting chump support, prohibit banks from practices like adopting the absorption ante on above-mentioned acclaim agenda balances unless a acquittal is over 30 canicule late, and applying payments in a way that maximizes absorption penalties.

The Federal Reserve Board, the Office of Thrift Supervision and the National Acclaim Union Administration, are all accepted to accept the regulation. The rules are accepted to booty aftereffect by 2010.

“It will fundamentally change the accord amid cardholders and banks,” said Peter Garuccio, a agent for the American Bankers Association.

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If approved, the Fed’s rules will beggarly an end to double-cycle billing, which averages out the antithesis from two antecedent bills. That agency that consumers who backpack a antithesis can get hit with attendant absorption on their antecedent month’s bill – alike if they’ve already paid that off.

Consumers would additionally be accustomed a reasonable bulk of time to accomplish payments, and payments would be activated to higher-rate balances first, to abate absorption penalties and fees.

Credit agenda statements would acutely account the time of day that a acquittal is due, and any changes to accounts would be in adventurous or listed separately.

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And, finally, no added accepted defaults – action which allows acclaim agenda issuers to access the absorption amount on one agenda if a chump misses a acquittal on addition card.

Trouble befitting up

Consumer advancement groups say credit-card ameliorate couldn’t appear anon enough. Travis Plunkett, the aldermanic administrator for the Chump Federation of America said new rules are “essential” at a time aback “so abounding Americans are falling abaft on their loans.”

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In the bosom of a acclaim crunch, Americans accept about $976.3 billion in revolving acclaim and 4.9% of all acclaim cards were behind in the third quarter, according to the latest abstracts from the Federal Reserve.

“This industry has been mostly deregulated aback the 1980s and we’ve apparent the furnishings of that,” said, Curtis Arnold, architect of CardRatings.com, a chump advancement group. “It hasn’t worked.”

Representatives from the cyberbanking industry altercate that while abounding of the changes are chump friendly, there adeptness be a downside to added adjustment that should not go unnoted.

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“By attached the adeptness of issuers to use risk-based pricing, the aftereffect is acceptable to be college prices and beneath accessible credit,” explained Garuccio, of the American Bankers Association.

Not alone would agenda companies accept to appoint college absorption ante beyond the lath to account losses, but low anterior offers and zero-percent antithesis transfers are acceptable to be scaled aback as well, he said.

Some chump advocates altercate alternatively that these reforms don’t go far enough. Plunkett, the chump advocate, said he hopes Congress will canyon added across-the-board credit-card reforms aing year that abode a cardinal of added “abusive practices” including “reckless lending to adolescent bodies and aerial fees.”

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Sen. Christopher Dodd and Rep. Carolyn Maloney accept both proposed credit-card legislation that would appoint alike added constraints on issuers. 

First Published: December 16, 2008: 5:23 AM ET

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