LAS CRUCES, N.M. -- New federal regulations on credit cards are supposed to benefit consumers, but they could be hit harder before the new rules take effect in July of 2010.

Federal banking regulators are banning credit card practices which have in recent years hurt consumers.

“The banks have been especially aggressive in doing things like shortening the billing cycle so that when you get your bill it's due the next day,” said NMSU economics professor Jim Peach.

But that is one of the things that would change with new federal regulation.

The new rules will help consumers get more information when they open an account, and no more surprise rate increases. Banks will have to give you more time to pay your bills -- at least 21 days. If you don't pay in 30 days, they can increase your rate, but not without telling you.

“They have to give you notice of 45 days when they are going to raise interest rates,” said Peach.

And when different rates apply to different balances on an account, banks have to make payments above the minimum to the higher rate first.

But some people remain skeptical that these new regulations will help people get out of debt faster.

“People haven't been paying off their cards. That's the whole reason why they're in that problem,” said Stephanie Rocha, of Las Alturas

Another last-minute jab to consumers -- some retailers are increasing rates now, which take effect in mid-January.

The rate hikes are only a few percentage points, but they will be applied to existing balances, not just the new purchases in January.