BAKERSFIELD, Calif. -- It's sticker shock for plenty of credit card consumers when they get notices about interest rates going sky high. Bakersfield shoppers are looking for new strategies, but experts say credit as we knew it is over.

"It's a good idea to wake up and realize that living on credit as an extension of your income is never a good idea, and now we're being forced to do without it," Consumer Credit Counseling Service president Katy Hudson said.

It didn't even surprise her to hear about a consumer whose rate went from 8.65 percent up to a whopping 30 percent.

"That's pretty common," she said Thursday. "Right now we're hearing a lot of that."

Mark Torres got notice one of his cards would raise the interest -- "I canceled the card, closed it," he said. Torres said the Bank of America card came with a notice that the change was simply being made because of a "company business decision."

That's what the companies are saying. "They're saying they're forced to do these things to cover their losses due to unemployment and just the general economy," Hudson said.

But, there's more insult to the injury. Hudson said the big credit companies already have a lot of your money.

"Even though they got bail-out money -- they got tax-payer money -- which some people will say, they got billions of dollars, why are you having to still increase these rates for consumers? They're saying it's not enough to cover their losses"

Vanessa Miller is mad about the whole thing. "They are raising the rates on everything," she fumed. "If you're ever late, God knows what would happen then. It's bad."

Hudson says the interest rate increases can hit any consumer, even people who pay off monthly balances and pay on time.

But, she predicts the changes will really hurt some consumers. "Experts say credit is not going to be how we knew it any more, it's not going to be accessible to low-income households any more."

She said some new laws are going on the books, and they're supposed to make credit card requirements more clear. The laws will also require a 45-day notice before any rate change is made. But, she also says it will take away credit options. And she predicts credit card customers will see things like fewer reward cards, and likely the return of annual service fees.

But, part of the change can be chalked up to how consumers have used their plastic. "We were putting everything on credit cards -- and it's caught up with us," Hudson said.

When they send the notice about a rate increase, some credit card companies ask consumers if they want to "opt out."

"You can opt out of rate changes," Hudson said. "But, then your line of credit is closed, and you don't get to use that card any more."

Shopper Sharon Lesser said she never uses credit cards, just debit cards. Mark Torres says he'll try to swear off the plastic, "I just use cash only now." And, that's because of the sharp hike in the interest rate.

Hudson has advice for credit card users. Read the fine print on credit card statements. Save up for emergencies, don't depend on credit for that. And budget your family finances.

One more tip: "While you can now, pay off your debt as quickly as possible," Hanson said. "Try to keep it below 30% of your available credit."