I recently came across a website that has been a source for many news organizations this month, such as CBS News, The Wall Street Journal, The Atlanta-Journal Constitution, Fox News, CNN and Bloomberg. As they discuss the ins and outs of credit card use, these sources have been quoting Billshrink to help consumers understand the new government credit card lending changes and they have been using the website to offer advice to consumers.

Billshrink recently took a look at several credit card companies and found that people are paying way more for purchase rates and balance transfers. They are up 20 percent from January to July of this year. The study found that American Express and Bank of America kept their rates basically the same while Capital One, CitiBank, Discover and U.S. Bank were the ones whose rates changed the most.

These findings corresponded to the Credit CARD (Card Accountability Responsibility and Disclosure) Act that was implemented August 20. It states that requires credit card companies to provide cardholders to a 45-day notice of changes to the annual percentage rates and to mail the bills 21 days before the due dates.

Billshrink is free and offers recommendations and tools to help you save money on your bills. All you do is enter information about your expenses, such as gas, credit card and telephone bills. The site tracks market changes and alerts you when better savings comes along. The founders of the site realize that there are so many confusing options when it comes to cell phone and credit cards and want to help consumers save the most money they can. They compare what plans you have versus what the companies are offering.

I have the iPhone and found a tab on Billshrink that shows you the detailed specs, pros and cons and reviews of the product. I can also look at plans for my service. I know I occasionally have trouble picking the right plans or understanding what I’m getting. Looks like this site may be beneficial in relieving some of that confusion.