Citigroup (C) has increased interest rates on up to 15 million U.S. credit card accounts only months before curbs on such rises come into effect, the Financial Times reported.

“This is part of an ongoing process they do,” said Dennis Moroney, Research Director of Bank Cards at Tower Group. “Our research indicates the banks have been very active in reducing lines and raising rates, anticipating they can’t when the legislation takes effect in 2010. At the same time, they don’t want to kill the golden goose -- the customers.”

The paper cited people close to the situation who stated the increase will affect between 13 million and 15 million credit cards the group co-brands with retailers like Sears (SHLD).

In addition, the company is on the verge of relinquishing a 34% stake to the U.S. government as part of its rescue during the economic downturn.

“We have adjusted pricing and card terms for some customers as part of our regular account reviews,” Citigroup said in a statement. “This is an ongoing process to ensure we offer terms, interest rates, credit lines and products based on individual needs and risk profiles. These changes also reflect the dramatically higher cost of doing business in our industry as we work to preserve the broad availability of credit.”

President Obama passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 in May to help control financial industry practices.

“We’re not going to give consumers a free pass,” Obama said before signing the bill. “We expect consumers to live within their means and pay what they owe. But we also expect financial institutions to act with the same sense of responsibility that the American people aspire to in their own lives.”

Moroney said the new legislation is pro-consumer and that it makes it more difficult for banks to adjust risk-based pricing, among other things.

In order to avoid credit troubles, Moroney said consumers should create a debt management plan – one that looks at money coming in and going out.

“Now, the creditor knows they will get paid, the consumer will get a break from phone calls, and cash flow is being helped,” Moroney said.

Consumers should not hide from their lenders, and if things get tough, reach out to Consumer Credit Counselors for online or telephone counseling help, he said.