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With consumers angry and legislators under pressure to do more to rein in the banking industry, officials in Washington have pledged to pass new tougher laws in the coming months regarding credit cards. In response to that threat, the credit card industry has already taken steps to police itself – a move that they hope will convince Congress that there is no longer any need to create stricter rules and regulations at the legislative level. You may have seen more letters from your credit card companies, for example, informing you of changes to credit lines, fees, or various charges. That is the credit card industry’s attempt to be more transparent and forthcoming.

But meanwhile consumers are defaulting on their credit card payments in record high numbers, and that is costing card companies lost revenues. That’s why right now credit card companies are especially focused on two issues. They want compensate for lost profits first of all, and secondly they want to try to lock in higher rates before Congress has a chance to pass laws that limit how frequently card companies can raise those rates. So over the coming weeks you can expect to see credit card companies significantly boosting the interest rates you pay on balances you carry forward from month to month.

That means that it is more important than ever for you to keep an eye on your card statements and carefully read any notices mailed to you by your credit card issuers. If you spot rate hikes that do not seem fair, don’t be shy about protesting to your bank or credit card company. Many of them will back down as long as you have made payments on time and have not gone over your credit limit. But if you say nothing you might get stuck with a steep rate for the foreseeable future.

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