WASHINGTON POST

Beginning Monday, some of the more outrageous practices of credit card issuers will be outlawed. But just like a bully on a playground who doesn't punch when the teacher is watching, lenders will find ways to continue pummeling consumers. 

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (also known as the Credit CARD Act) established sweeping changes intended to help curtail certain industry practices, reduce unfair fees and rein in huge interest rate increases. Under the new law, issuers also are required to disclose how long it will take customers to eliminate their debt if they choose to make only minimum monthly payments. 

"This law is putting the consumer in a stronger position. It's not absolving them from the requirement that they pay their bills, but it levels the playing field quite a bit," said Austan Goolsbee, a member of the president's Council of Economic Advisers. Credit card reform falls under his portfolio. 

The CARD Act is a big blow to the bullying tactics that issuers have employed for so long. However, as with any law, loopholes exist. Here are just a few of them under the CARD Act: 

-- Issuers cannot raise interest rates on existing balances. If you have a balance, your old interest rate will apply to that balance. 

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