"No/No/No plans" will soon get a makeover thanks to new rules from the Federal Reserve.

Clark has received numerous complaints about these kinds of financing plans that promise "no payment, no down payment and no interest until (fill in the blank with a year of your choice)."

What most people don't know is that the interest usually becomes retroactive to the original date of purchase if you don't pay the bill in full before it comes due.

But the Federal Reserve's new rules, which go into effect July 2010, will ban the retroactive interest charge -- unless the full and final interest rate is clearly disclosed at the time of purchase.

The new rules are already putting a big crimp on the market. Retailers typically count on those who get stuck paying retroactive interest on "no, no, no" plans to subsidize their loss on those customers who pay the note in full in a timely manner.