New credit card limitations in US

Credit card companies in the US will soon be bound by new restrictions on their ability to charge fees, or raise interest rates on existing borrowings.On Friday, President Barack Obama is signing a new law which will come into full effect next February.The changes have been described as "monumental and expensive" for the card companies to implement.The limits are deliberately aimed at preventing some people taking on too much personal debt."This cements a victory for every American consumer who has ever suffered at the hands of the credit card industry," said Senator Christopher Dodd, chairman of the Senate banking committee.Americans currently owe nearly $1 trillion on their credit cards.The US government has been concerned to tighten its regulation of the banking system in the light of the credit crunch and banking crisis.