There is one part of the Charge card Accountability, Responsibility and Disclosure (CARD) Act that is significant. This is the part that protects college students from charge card problems. College students have been hoping to find debt relief when graduating with high credit card premiums and owing money to cash lenders with the expense of college going up. The State University of New York system, or SUNY, the state network of public universities that has 68 campuses, has decided to put barriers in place to help keep Joe and Jane college student and their credit scores out of harm’s way.
Practicing marketing not ok with
According to CNN, SUNY has placed restrictions on marketing practices relating to charge cards on State University of New York campuses. The action was spearheaded by Mario Cuomo, the State Attorney General. Credit card businesses can’t get advertised in SUNY schools. The only way for a student to get the data is via written consent. Also, schools can’t receive any funds for doing this. Cuomo has recommended all universities in New York schools adopt the very same reforms. Universities also get to control any marketing that is happening on campus from credit cards.
College students get it without thinking
When in college, students are in a vulnerable state. This is especially true when it comes to credit cards. Sallie Mae reports the average college graduate has $4,000 in credit card debt. This isn’t even including loans used to pay for college. There are students that end up dropping out of college to pay off debt or go via lengthy loan modification in order to boost credit scores after graduation. Employers tend to look at credit scores which means any student who hurt it with charge card debt may be looking at a longer time before getting a good job.
American Dream isn’t a dream anymore
The middle class is having an even harder time of living the American Dream of going to college, getting a good job and beginning out right. The cost of tuition going up is making this harder.
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CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
