As part of the sweeping credit card and financial reform laws that have been instituted over the past year, President Barack Obama announced that he will soon announce the consumer protection czar, who will be in charge of ensuring that financial giants do not take advantage of U.S. consumers, according to Bloomberg.

It has been long speculated that Harvard law professor Elizabeth Warren would take on the controversial position, but Obama refused to say whether or not she would be the first choice. Three Obama administration officials said that Warren may not be selected, but instead given a role as a counselor to Treasury Secretary Timothy F. Geithner.

Though White House spokesman Bill Burton told the news source that Warren is still "obviously in the mix" to take on the lead role, she may be appointed as an interim czar until the final choice is made.

The agency, which will have the power to carry out federal rulings on mortgages, credit cards and other consumer industries, could be given a budget of $400 million dollars.

Consumers who are struggling with debt can make individual money management choices to become debt free.. Instead of using credit cards, MSNBC recommends using personal finances when making purchases.