This is a guest post by Trisha Wagner, a freelance writer for DepositAccounts.com, where you can compare rates of checking accounts from dozens of banks in one place. Trisha writes regularly on the topics of personal finance and savings accounts.

If you have been paying attention to the news in recent weeks, you probably know that legislation to regulate the billing practices of credit card issuers is a hot topic. As more and more Americans struggle to keep afloat during the recession, this credit card reform at first seems like a win-win situation for everyone. Unfortunately that is not the case. In fact, the rules that are supposed to help consumers may inadvertently backfire making the situation worse for all credit card holders. Here are a few changes card holders can expect as a result of the credit card reform.

Someone has to pay

That someone will likely be card holders who have managed their accounts responsibly in the past. Consider the fact that in addition to limiting the ability of card issuers to charge whatever they please, banks are hemorrhaging money due to account holders defaulting on their payments. In an effort to recoup the money banks make on interest, fees and other penalties, it is likely they will turn their attention to people who are able to pay their balances.

It will be more difficult to get credit

Credit cards will no longer be handed out like candy at Halloween. Forget about fair or good credit, expect to see only those at the highest end of the credit score spectrum getting credit in the immediate future.

The return of annual fees

When credit cards were first introduced they didn’t have the same perks that most of us have become accustomed to in recent years. Consumers who do qualify for credit may be surprised to see more offers that include annual fees.

Grace periods may be eliminated

Credit card holders who pay their balance in full each month may no longer avoid interest charges. Some banks are considering charging interest from the date of purchase which would have a big impact on consumers who use their cards to pay for all expenses and then pay off the balance at the end of the month.

Reward programs may not be as rewarding

In the past, card holders who managed their account responsibly were able to take advantage of a number of rewards programs. In an effort to trim their costs and make up for lost revenue, banks may decide the programs are not worth the cost.

In conclusion when all the dust settles, all card holders will be effected by the changes in the credit card industry. We have little control over what banks or even government officials decide to do, however we do have control over our own personal finances. Consumers struggling with high levels of debt as a result of irresponsible spending or an unexpected financial hardship must focus on a strategy that will get them out of debt once and for all. People who have managed their finances responsibly in the past must continue to do so in the future to ensure their financial stability. We should consider this a reminder that living below our means and saving money for unexpected expenses is the first step toward financial security.