The federal government announced sweeping new credit card regulations Thursday to help consumers reeling from high interest rates and late fees.

Federal regulators have ended "double cycle billing," which means interest rates can only be raised on new credit cards, future purchases or advances, not on existing account balances. According to the new rules, credit card companies will also have to clearly list when a payment is due.

Also, a ?reasonable? amount of time must be given before credit card companies charge a late fee. Universal defaults will also be done away with. That policy allows issuers to increase interest on one card if a customer misses a payment on another card.

The credit card companies say the changes would force them to impose higher initial interest rates and make it tougher for some people to get credit cards.

Many Long Island residents say they?ve fallen victim to the kinds of practices the government just outlawed. The new rules take effect in 2010.

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