News & Updates From Generation Y

New Rules Place Barriers Between Students & Credit Cards

In Millennial Matters on February 22, 2010 at 12:21 PM

From US News & World Report:

New Credit Card Act Makes It More Difficult For Students To Obtain Cards

Parents expect their children to return home from their first year of college with a better grasp of the world and a perhaps a few new friends. Some, however, are arriving home with an unexpected burden—credit card debt. Card issuers have long bombarded college students with solicitations via mail and enticed them to sign up for cards on campus by promising free food or other items in return for their signatures. The ease with which students could acquire cards has astounded some. “Students without income, assets, jobs, or credit reports have been issued credit cards virtually automatically,” says Tim Mensing, student body president at the University of Washington. “Just being a student was good enough for them to issue a card…”

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