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MARQUETTE -- It started Monday.  Credit card companies are required to abide by new government regulations. 

The CARD Act, or Credit Card Accountability, Responsibility and Disclosure Act, will require credit card companies to give advance warning before hiking interest rates, provide more detailed billing statements, and prohibit individuals under 21 from signing up for a credit card unless they have a cosigner or proof of ability to pay.

"Individuals are going to have quick access to information that allows them to make strategic decisions when it comes to credit card purchases," said Associate Professor of Economics at NMU,Tawni Ferrarini.  "They will know exactly when their bills are due, what is involved with only making the minimum payment, and how much interest they will have to pay."

But with the new regulations, credit card companies are finding creative ways to make up for lost revenue.

"They increased the rates already on the cards which they may not have done originally, but because this law was going to be enacted and imposed, they did it ahead of time," said Tom Blake, CEO, U.P. Catholic Credit Union.  "So the consumer is actually probably paying more now at these places then they would have if it wasn't imposed."

And experts say the loss of revenue from the CARD Act will lead to higher credit card fees on charges such as annual fees on overseas transactions.

The average American had a credit card balance over $5,400 at the end of 2009.  Under the new rules, credit card companies will also have to show you how long it takes to pay off your balance by making the minimum payment.  That could be a much needed dose of reality for consumers.