The new credit card rules that President Barack Obama came up with are supposed to eradicate many ill effects of credit cards that earlier created nuances in the life of debtors.

But the question is whether the new credit card information will be fruitful enough for those who are in college or below 21years old?

Glancing through the primary changes of the new law, you can be satisfied with the manner it deals with the earlier prevalent ill practices.

No doubt a change can be noted in the areas of rapid increase of interest rates on outstanding balances, the problem of double-cycle billing and carry-over balance billing.

And the good news is that there are changes in the provision for the college students too.

Although previously the rules were pretty flexible and you could have collected lines from banks or lenders at easy terms, now it will not be so.

The new regulation binds you in certain chains for your own benefit. Take a look at some of the new credit card information:

Lower Credit Limits

Earlier the credit cards that were available did not offer the students any special privileges of low interest. It was not given considering the paying ability of the student.

Thus you may end up with a huge loan which becomes almost impossible to pay back. What resulted was that you are under the clutches of debt before you leave college.

With the new law there is a restriction on your credit limit. If you are under the age of 21, you need to show a steady income source. You should also make sure to have the signature of a parent in your form.

Expense Limits

It is true that the loans are very helpful for the students to meet their regular expenses. But it has been observed that due to the imbalanced utilization of the resources they often get into debt problems. The rule will put a check on the students’ credit card expense level.

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Improved Credit Scores

Since these new rules will help lower your debt level, your credit score will improve. You can look forward to applying for a loan if you need to without any second thought.

The rule discourages students from having many credit cards open at one time, which leads you to multiple debts. If you have fewer credit cards, you will generally have a greater knowledge of your expenses. This can help you to reduce the amount of debt you carry and keep a check on it.

Finally, if you can manage to get some low interest credit cards after careful market research you can enjoy some extra benefits too.

At the primary level the new rules may seem to be too restricting and full of limitations.

According to many, it does not solve the problem altogether because it does not apply to the amount you have already spent. It may also have a negative approach as it may result in an increased dependency on payday lenders and pawnshops. However, if you follow the new rules it is definitely going to bring a change.

Being debt free after college, having a good credit score and balanced credit card behavior will yield a good result for a lifetime.  Your small initiative now may make you rich someday if are your prudent in your decisions. It is all about starting well at some point.

This has been a guest post by Nina Roberts - a financial content writer and blogger working with Oak View Law Group.

Many times the simple things have a way of sticking with us and helping change our patterns of behavior better than a list of 25 items we need to remember to do on a regular basis. 

If you’re struggling with credit card problems and stopping the use of your credit cards - you could set fire to them, but I hate the smell of  buring plastic don’t you? 

Instead, try to focus on changing just one or two things.  Once you master those then you can move on to the next steps. 

I recently read an article from TheStreet.Com called 5 Ways to Dig Yourself Out of Credit Card Debt.  This post is adapted from that article. 

It will be especially important with Black Friday approaching that you have a plan in place to help with your credit cards. 

Here are three simple things you can do to help avoid credit card problems and curb your credit card usage:

1. Delete your cookies

Wait! What? Yes you read that right.  But how does that help? 

Cookies are simply a way your computer remembers information about you to make your internet browsing easier and quicker. 

One thing that your computer stores is your credit card account numbers and information. 

Think how easy is it to jump on a site like Amazon.com, shop for that new book, video game or software you’ve been dying to buy and with a couple clicks of a mouse have the item shipped to your house.

Most people aren’t big dorks like me and have their credit card number memorized  - so by deleting your cookies you at least have to take a few minutes to go dig your credit card out of your wallet and type in the information.

Doing this will probably get old after a while and hopefully will be enough to at least make you pause and think, “Do I really need this?” 

2. Apply the $25 rule

This rule simply says you CANNOT add more than $25 (or $50 or $15 or whatever you amount you decide) to a purchase you were originally going to make.

In other words, say you go to the mall for a new pair of pants, but you notice that sweater you’ve been eyeing for a while is on sale for $29.99.  You need to say, “Sorry sweater, you’re not coming home with me!”  Don’t act like you don’t talk to your clothes!

You should set your target spending amounts BEFORE you go to the store.

Another version of this would be to say you cannot add X amount to your card at any one time – where X is whatever amount you decide ($25, $50, $75 etc.)  This helps avoid those big ticket items that are easy to say to yourself, “Oh, I’ll just pay it off later!”

3. Play the Three Reasons game

This can be one of those games that annoy you to the point of not purchasing the item. 

Basically you need to name three reasons why you should buy that particular item with a credit card.    (Don’t cheat: ”Because I don’t have cash on me” is not an answer!).

If you have trouble with cards don’t fool yourself into thinking that getting your cards rewards points is an answer either.

If you can come up with three solid reasons why you should buy with your credit card then go for it.  What you’ll find is that many times it just doesn’t make sense. 

Try these simple rules this holiday season and see what happens with your credit card usage.  What other simple tricks do you use to help curb your credit card use?

Other posts on credit cards you might like:

• How to Save (Potentially) Thousands by Spending $3.99
• 9 Habits of the Debt-Free Credit Card User
• 5 Mistakes People Make with Their Credit Cards