The credit card reform law in effect from Monday would give U. S. consumers more power over their finances, President Barack Obama said on Monday.

Obama said in a brief statement commemorating the Credit Card Accountability, Responsibility and Disclosure Act's first day," Today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable."

The credit card industry nine months to make adjustments before the law took effect and in nine months basic rates were raised frequently to make up for profit opportunities the companies expected to lose. The law was frequently criticized for this reason.

Obama further said that the key provision in the new law is that "credit card companies can no longer retroactively increase rates or increase rates the first year you own an account."

The president also said that the law restricts underage credit card use, mandates certain information be made clear to consumers and prohibits "misleading late fees" and "over-limit fee traps". (With Input from Agencies)