There is one part of the Credit card Accountability, Responsibility and Disclosure (CARD) Act that is essential. This is the part that shields college college students from credit card problems. It is becoming increasingly more costly to go to college leaving many graduates with money lenders waiting to be paid and also charge card premiums that are high. Barriers were put up to protect student credit scores by the State University of New York system, or SUNY, which is really 68 campuses that network public universities.
SUNY says no to marketing practices
CNN explains that State University of New York made it nearly impossible to market on any campuses that support SUNY. Mario Cuomo supervised this. He is the State Attorney General. Charge card corporations can’t get advertised in State University of New York schools. The only way for a student to get the details is via written consent. Also, schools cannot receive any funds for doing this. This standard is something Cuomo expects throughout all of New York. He thinks New York Universities should be adopting it. Credit card company advertising on campus may also be monitored and controlled by the university.
Students do not understand
College students are one of one of 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. Many college students end up paying off these debts by just dropping out of school. They even get loan modification at times to help with credit scores. 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. .
Additional reading
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
