Credit cards are a fact of life for most middle-class consumers, but companies profit from unfair fees and excessive interest rates that keep consumers in debt. With the current credit squeeze, card companies are resorting to these tactics even more frequently. The Credit Card Accountability, Responsibility, and Disclosure Act expands consumer protections for people using credit cards. The legislation bans double-cycle billing, a practice card companies use to charge interest on debts that have already been paid on time, and universal default, which increases the interest rate on a credit card based on information unrelated to that card (for example, whether a consumer has paid other bills on time). The Act prohibits retroactive application of interest rate increases, restricts certain fees, and prohibits interest from being charged on fees. When consumers have more than one card balance, card payments must be applied first to the balance with the highest interest rate. The legislation limits over-the-limit fees, fees applied when a cardholder charges more than their credit limit, to one per violation and permits cardholders to prevent transactions that would result in an over-the-limit charge. The Credit Card Accountability, Responsibility, and Disclosure Act expands the information that card companies must provide to consumers, including improved disclosure of due dates and late payment penalties, notice of interest rate increases 45 days before the increase, and the period of time it would take to pay off a card balance if only minimum monthly payments are made. Rules for issuing credit cards to people under 21 are included, along with clarification of rules for on-time bill payment. Finally, the Act enhances the collection of information about credit card billing practices and restricts the use of consumer information by creditors.