US credit card restrictions

Credit card companies in the US will soon be bound by new restrictions on their ability to charge fees, or raise interest rates on existing borrowings.



President Barack Obama is expected to sign a new law today, which will come into full effect next February.



The limits are deliberately aimed at preventing some people taking on too much personal debt.



Americans currently owe nearly $1 trillion on their credit cards.



The US government has been tightening its regulation of the banking system in light of the credit crunch and banking crisis.



The new law, described as a credit card holder Bill of Rights, is the first of a series of law changes designed to help stave off further financial crises.