There is one part of the Charge card Accountability, Responsibility and Disclosure (CARD) Act that is significant. This is the part that shields college college students from charge card problems. College students have been hoping to discover debt relief when graduating with high credit card premiums and owing money to cash lenders with the expense of college going up. 68 campuses are in the state network of public universities called the State University of New York system, or State University of New York, have put up barriers making it so credit scores for college kids are safe while in college.
State University of New York doesn’t approve of marketing
CNN explains that State University of New York made it nearly impossible to market on any campuses that support SUNY. The action was spearheaded by Mario Cuomo, the State Attorney General. Credit card companies cannot get advertised in State University of New York schools. The only way for a student to get the is via written consent. Also, schools can’t receive any funds for doing so. This standard is something Cuomo expects throughout all of New York. He thinks New York Universities should be adopting it. Universities also get to control any advertising that is happening on campus from charge cards.
Students vulnerable
College students are one of probably the most vulnerable groups when it comes to credit card debt. More than $4,000 in credit card debt, on top of loans to finance college, are taken out by college college students as they graduate says Salle Mae. Some college students focus on boosting credit scores by doing loan after school or just drop out to pay down the debts. Many employers check credit scores, and students that have had their credit rating shot by cards have to put off their dream jobs even longer as a result.
The American Dream becoming a debt nightmare
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.
Additional reading
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
