TWO GOVERNMENT agencies and the Federal Reserve are working on a set of rules to lend some consistency to how credit card companies operate.

This action is not only needed, it is long overdue.

A consumer protection plan could assure credit card holders do not face arbitrary or excessive increases in interest charges or fees. It would set a standard time limit for making payments before an account is considered overdue. It also would put safeguards on how differing interest rates are calculated and paid by customers.

The banking industry is opposed to the changes on grounds that credit card fees and interest charges change when high-risk customers miss payments or make them late. Ken Clayton, speaking for the American Bankers Association, said all customers will bear higher costs if the high-risk customers are not held to account.

Yet that is not what the rules would do.

Consistency and transparency are needed in the credit industry. Large blocks of fine print on credit card applications may meet federal disclosure requirements. They also make it hard to compare credit card rates, penalties and exclusions.

A uniform, national code would help consumers know they will be treated fairly by their credit providers.

This has the potential to be more than a feel-good reform. National statistics indicate that the average consumer has more than $9,000 in credit card debt. Placing limits on aggressive or even predatory practices could save billions of dollars for Americans.

There is more work ahead before these rules are ready for adoption. The Office of Thrift Supervision and the National Credit Union Administration are working with the Fed on rules that might not go into effect until the end of this year or the beginning of 2009. These agencies must be careful not to allow the rules to be gutted.

The Federal Reserve and the Bush Administration have been criticized for responding too slowly when the mortgage crisis first emerged. The U.S. economy has suffered other recent blows with the rapid increase in fuel prices and general inflationary pressures.

A firm response to unfair credit practices is needed.

These changes cannot come too soon.