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Many people who have fallen into credit card debt or have a debt consolidation loan believe that saving money will help them improve their credit score and get out of debt. However, according to at least one expert, closing cards and putting the money aside for a rainy day could actually do the opposite.

In a piece for the New York Post, Catherine Curan writes that a number of experts indicate that a consumer who has a decent credit score with few credit cards is likely to see a 30 to 40 point drop in their credit score if they close out an account they maintain a zero balance on.

Evan Hendricks, author of Credit Scores & Credit Reports, says that although consumers might think closing a card is their best option, they may want to continue making purchases on it – for the good of their credit score.

"If you close a card, you don’t have the credit limit in your calculation, so use the card a little bit and pay it off," he told the paper.

While some may think they don’t need to worry about credit scores, syndicated columnist Liz Pulliam Weston writes that even those with no plans of owning their own home should factor in credit scores as landlords and insurance companies are known to factor in the scores when deciding on tenants or giving prices on insurance coverage.

Many recent college graduates are saddled with credit card debt and are forced into consumer credit counseling to bring down what they owe, and while new legislation is aimed at protecting college students from credit card companies, these firms are actively targeting those customers before the laws take effect.

According to ABC News, card companies are attempting to sign up college students for cards before laws which will limit how businesses target these students go into effect early next year.

In February, the second portion of the Credit Card Act will prohibit those under the age of 21 from getting a credit card unless a parent or guardian co-signs. And while many believe this will help protect young adults, others think it’s over-kill.

Olivia Worley, a 20-year-old early childhood education major at Northern Arizona University in Flagstaff, told the news provider that having a credit card is necessary.

"You have to have credit established to buy a car, buy a house and even to set up your bills," she said. "Otherwise, your monthly payments are more expensive. If we can be ‘legal’ adults at 18 and start our own lives, then we need that credit because a lot of young people don’t have a lot of money to shell out of pocket."

Still, many recent grads start out with a large amount of debt before starting their career. A study from the College Board found that for the 2007-2008 school year, graduates at public institutions had a median debt level of $17,700 while those at private colleges had a median level of $22,375.

With credit card problems forcing many people into getting debt consolidation loans or looking into credit card counseling, new proposals from the Federal Reserve are aimed at helping people avoid those solutions by placing limits on interest rate hikes.

The proposal announced today from the Fed would amend Regulation Z – the so-called Truth In Lending Act – and would protect consumers from a number of credit card practices.

The provisions – which are scheduled to go into place in February – are the second stage of the Fed’s implementation of the Credit Card Act which was signed into law in May. Among other things, the new rules would generally protect consumers from interest rate increases during the first year of an account. The plan would also limit companies from raising rates that apply to existing balances.

Elizabeth A. Duke, Federal Reserve Governor, says the proposals would be another step toward limiting the practices of credit card firms which negatively affect consumers.

"This proposal is another step forward in the Federal Reserve’s efforts to ensure that consumers who rely on credit cards are treated fairly," she said. "The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts."

While it may not be as advisable as other credit card debt solutions like a credit counseling service, one woman’s YouTube rant aimed at Bank of America has resulted in having her interest rate reduced.

Earlier this month, California resident Ann Minch posted a video on YouTube after she said Bank of America had raised her interest rate to 30 percent despite making payments on time and staying below her credit limit.

After being a customer of Bank of America for 14 years, Minch said she was withdrawing all her money from her Bank of America accounts and refused to make payments to her credit card unless the company returned her interest rate to its previous amount and presented her with a "too-good-to-turn-down payment offer."

It turns out that the video actually worked. Less than two weeks later, Minch went back to YouTube to report that Bank of America contacted her and agreed to return her interest rate to its previous level of 12.99 percent. However, she also noted that her most recent balance shows an interest rate of 23.99 percent.

As many suffer from credit card debt and are forced into bill consolidation to help make ends meet, Americans are looking for as many ways to make money as possible, and in North Carolina, getting a $10 gift card to Wal-Mart is as easy as taking a trip to the doctor.

MSNBC reports that health workers in Forsyth County, North Carolina are offering a $10 gift card to Wal-Mart for residents who get tested for HIV and syphilis. The plan came about as the region has been suffering through an outbreak in STDs this year where cases of venereal diseases had tripled over 2008 numbers with still three months to go.

Of the 603 people tested during the recent campaign, MSNBC reports that about half say they were motivated because of the card. Evelyn Foust, director of the communicable diseases branch of the North Carolina Department of Public Health, told the news provider that money is definitely a factor for many of those who get tested.

"I was in Rocky Mount [N.C.] where we screened 500 people in one weekend when a woman came up to me and said, ‘you know, with their dollar menu, I can get five meals out of this,’" she told MSNBC.

North Carolina isn’t the only state paying people to better their health. Some Medicare patients in Illinois are receiving money on a prepaid card if they visit their primary physician.

Although plans in place through the Credit Card Act which passed through Congress earlier this year were aimed at making it harder for credit card companies to target students, one California college appears to be making it easier, which could lead to the need for credit card counseling for some students.

The Stanford Daily, the student newspaper for Stanford University, reports that students at the school are now able to make purchases at a number of places on campus with their ID card. Although the card only allows students to purchase up to $1,000, it eliminates the previous plan which worked as a debit card of sorts.

Now, students who make purchases on their ID card at campus eateries, the bookstore and a number of other locations, will see the charges add up on their university bill which must be paid at the end of each quarter.

Although many students appear to be in favor of the plan, not everyone is on board. Leslie Johnson, a freshman at the school, called it "dangerous."

"More often than not, parents aren’t able to approve this spending and are sometimes paying for it," she told the paper.

Many recent college graduates start their careers already in the hole because of debt. A recent study from the College Board found that grads at public institutions for the 2007-2008 school year had a median debt level of $17,700 while their private college counterparts had a median level of $22,375.