Manning: Credit Card Rules Fall Short ROCHESTER, NY (WXXI) - New rules for credit cards are now in effect, and consumers may have started to see changes on their billing statements.

Speaking on the Diane Rehm show Tuesday, Rochester-area consumer credit expert Doctor Robert Manning said that the new regulations are a step in the right direction - but many of the requirements will be hard to enforce.

Manning says the bill should have been passed six or seven years ago to keep families from piling up debt. Under the new rules, Manning says there are no caps on interest rates or fees, and banks can still impose fees on foreign transactions, begin charging annual fees and reduce customer rewards.

But the new rules do require that credit card companies give cardholders 45 days before making any significant changes to their terms, and offer consumers the ability to opt out.

The bill was signed into law last year, and took effect in February.
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