The new credit cards rules will stop credit card companies from using several practices that punished customers relentlessly for the smallest mistakes.

Your interest rate can’t go up just because you pay a day late
Credit card companies will no longer be able to increase your interest rates just because you’re a day or two late…you’ll need to be at least 30 days late before they can assess a fee. They will also no longer be able to increase your interest rates just because you are late on another credit account. And, they will need to provide you with a statement at least 21 days ahead of the due date, so you’ll have plenty of time to make a timely payment.

Your payment won’t be applied to low APR balances first
Next up in the new credit card rules is how credit card companies assess interest rates. Credit cards are famous for applying your payments to balances with the lowest interest rates first, meaning if you transfer a balance at 0% and then charge an item at 18%—you’ll be paying 18% on that purchase every month until your transferred balance is paid off. The Fed said no more. Although that sounds like good news (and it is), there is a downside: Credit card companies will likely do away with 0% balance transfer offers. If you can, get one now!

No more outrageous fees on bad-credit credit cards
Finally, the Fed also imposed a new rule that limits initial set-up fees a credit card charges to half the available credit limit. (A common practice for credit cards available to people with damaged credit is to charge $275 in fees on a $300 credit line). Therefore, in order to use the credit line and begin building credit again, they must first pay down the fees.

While these new credit card rules provide some long overdue help for consumers who have fallen into credit card debt, they come with a cost to those who have overly relied on credit cards to finance their lifestyles—credit card companies may further tighten credit and offer credit cards to only the best qualified borrowers. That in turn, will force a lot of people to ween themselves off of credit cards, perhaps for good.

To make matters worse, hundreds of credit counseling and debt management companies have popped up saying they’ll help consumers out of debt but, in reality, do little but consolidate bills into one monthly payment and charge a hefty fee for the privilege.

Debt settlement is different

But a new player has joined the side of the indebted–a company called Credit Solutions of America.

Rather than simply offering credit counseling/debt management, Credit Solutions goes after your credit card companies and gets them to settle for as much as 50% of what you owe. They give you months to pay one sum that will wipe out your debt forever, meaning you can often get out of debt faster than you imagined. Debt settlement saves you thousands and helps you avoid bankruptcy.

Read more about how debt settlement works or get free information from Credit Solutions.

Often between 20 and 28 percent, default rates are a cardholder’s worst nightmare. Not only can they easily double the amount of interest you pay each month, they make it that much harder to pay off your balance. Both Bank of America credit cards and Discover credit cards now charge default interest rates of over 30%.

Avoid default interest rates

To avoid being hit with these outrageous fees, pay your credit card on time. If you’re having trouble, call your credit card company before you’re late. Forgot to call? Call them anyway, and ask them to reduce your default interest rate, which many will, especially if it is your first time being late.

What to do if you’re late

Finally, if you are consistently late on your credit cards, consider getting professional debt help from a company like Care One Credit Counseling. Though not for everybody, these companies can often negotiate lower interest rates (and lower monthly payments) with all of your creditors.

If you are motivated and savvy, you can use this to your advantage and negotiate with your credit card issuer on everything, including your interest rate, annual fee, credit line, even your rewards.

Credit cards want your business. Whether you carry a balance (and you are a profitable customer), or you pay-in-full each month (but could someday change and become a profitable customer), your credit card doesn’t want to lose you. Here’s how to negotiate with your credit card on some of the most common terms:

Late Payments and Missed Payments

Making a credit card payment even one day late will cost you – up to $50 in fees and, if you carry a balance, your interest rate will also go up.

How to negotiate: Unless you are repeatedly late, call your credit card and explain that you simply made a mistake, and would appreciate their help. Most cards will refund both your late fee and increased finance charges.

Lowering Your Interest Rate

Credit card interest rates are 100% negotiable. Again, simply call them up and tell them you have better interest rates on other cards and will stop using their card unless they help you out. They will almost always comply. Note: They may only lower your interest rate by 1% or so, but if you call every few months you can get further rate cuts.

Increasing Your Credit Line

As long as your account is in good standing credit cards are usually happy to increase your credit line. Just ask. Some credit cards even allow credit line increases on their website. Just don’t ask too often; once every six months should suffice.