The Federal Reserve has issued new rules for credit card companies and Clark couldn’t be happier about it. First of all, credit card companies won’t be able to change the terms of your contract in just 15 days. Companies could jack up your interest rate to an ungodly amount and they were only required to tell you 15 days a head of time. Now, they must give you 45 days notice before changing a rate. That gives you time to switch cards or plans if you want. Companies will also have to tell you what kind of penalties you could face if you pay a bill late or makes some other error. You will be informed about what rewards the card offers and it must be written in a way you understand. In addition, when you transfer a balance, companies must tell you how the rates apply on transferred money and remaining balances. Right now, when you make a payment on a card with different rates, the money goes toward the lowest interest rate. From now on, the money will go toward the highest rate. Credit cards are going to fight this until the very end but Clark wants you to know what will probably happen.