President Obama signed the credit card accountability act today. The bill offers more protection for card holders and limits card companies practices considered by many to be deceptive.

“Consumers are not going to get a free pass,” President Obama said. “But institutions have to act responsibly.”

The new law bans rate increases deemed to be unfair. It requires so-called plain sight/plain language disclosure of terms. And it offers protections for those under 21, by making it harder for them to get a credit card, unless companies get permission from parents or verify the applicant’s ability to pay.

The President went on to say, He criticized policies that allowed for confusing fine print, the sudden appearance of unexplained fees on bills, unannounced shifts in payment deadlines, interest charges or rate increases even when payments aren’t late, and payments directed to balances with the lowest interest rates rather than the highest.

Nearly 80 percent of Americans have credit cards and half of those carry a balance, according to the White House.

The Federal Reserve estimates the nation is some $2.5 trillion in debt, a figure that does not include home mortgages.