Proposed Bill Will Make It Mandatory To Disclose Dangers Of Debt
There is a proposed bill in New Jersey that would make it mandatory for all credit card companies that solicit for new account holders on college campuses to first educate the would-be cardholders on the dangers of financial debt.
The bill also calls for the end of enticing offers and incentives that have long been employed by credit card companies to get students to apply for a credit card. The bill is sponsored by State Senator Barbara Buono.
The whole idea of the bill is to allow the students to make an educated and informed decision on their own accord and without the temptation of undo enticements like t-shirts, CDs and umbrellas.
Credit card issuers would also have to register every year before they visit campuses to look for new customers.
The bill would require that students sign a certificate stating that they have received the proposed education and have been informed on issues that include interest rates, fee structures and how carrying a balance can affect them.
The hope here is that students will think twice about the ramifications of not using a credit card responsibly. It seems that a substantial percentage of college students have in fact got themselves in trouble with credit cards.
As I think we all realize, the temptation of having a line of credit can be pretty significant This is especially true when it comes to college students… who are usually broke.
Inevitably I suppose, some students have voiced their disapproval of ‘needing to be educated’ in order to apply for a credit card, feeling as though they are mature enough to make their own decisions.
Related Information:
- College Students and Credit Card Debt Read this informative article about students and credit card debt....
- More Credit Card Reforms Proposed There have been some additional credit card reforms proposed and Congress will look at them in the next few days....
- Student Credit Card Debt Reaches Record Highs Student credit card debt continues to mount, reaching record high levels....
- Illinois Cracking Down on Campus Credit Cards Find out what the state of Illinois is doing to crack down on campus credit card solicitations....