INDIANAPOLIS -- By the end of this week, many Hoosiers will have racked up thousands of dollars in new credit card charges, and will be paying the price by the end of the year.

A new law designed to protect consumers from the pitfalls of credit cards may lose much of its punch by the time it goes into effect in February because card companies are scrambling to change some of the terms while they still can, 6News' Rafael Sanchez reported.

Hoosiers who depend on credit to buy today and pay tomorrow are likely in for a rude awakening, but unless they are watching closely, they may not yet know it.

Creditors are bombarding card holders with mailers announcing changes to cards, and most are notifications of increasing fees, higher rates and/or new charges.

The changes will put the squeeze on 91 million cardholders, whether they are delinquent or not.

Chris Jackson, who heads the Indiana chapter of the National Association of Consumer Advocates, said card companies are trying to build in more profit.

"Obviously, it's greed," Jackson said. "I think it is shameless."

Jackson said there are loopholes in the pending law that may hurt consumers instead of help.

After Feb. 22, cardholders are supposed to get a warning if the interest rate is going up, but if the card has a variable rate, the company may not have to send the warning.

Consumers should take a close look at bills coming in now, because many companies are switching customers from fixed to variable rates before the new rules start.

The new law will not stop increases to minimum payments.

"That can come up to 5, 10 percent," Jackson said. "You can't reject that. You can't opt out of it."

Derek Wilds and his family said they had to drop their card. They had operated under the assumption that paying more than the minimum balance and mailing it on time would be a plus, but they were penalized. The interest rate on their Capital One card went from 8 percent to 18 percent with no explanation.

"We didn't do anything wrong. We were the perfect customer," Wilds said.

"I felt ... our backs were against the wall. We had no other choice," said Latricia Wilds, Derek's wife.

The Wilds said they received an opt-out notice in the mail that indicated they could decline a planned interest rate hike, but opting out means the account could be closed and that the bill must be paid off at the old rate in five years.

Diane Martenet, an art teacher, said she doesn't want to fold to the demands of her Discover card, which is raising the interest rate from 6 percent to 22 percent.

"I do feel like it's robbery, in a sense, that if we don't have the money, they're not willing to work with us," she said. "I did call them at one point said, 'Can you work with me?' and the answer was 'No.'"

Congressional attempts to force credit card companies to roll back the recent changes never made it beyond speeches.

Consumers who cancel higher-interest cards could also take a credit score hit, depending upon financial history.