College Credit Cards Take the Rap in Jersey
There’s a new set of rules for credit card use as The NJ state senate and house passed restrictive legislation for issuing credit cards to college students between the ages of 18 and 21.
Here are the restrictions of the two bills (which still must be reconciled in committee):
1) issuers will be required to register with schools and provide classes educating students on the use of the cards
2) prohibits the purchase of names by issuers
3) prohibits the giving of gifts to entice credit applications from students
4) prohibits the taking of action against parents for debt collection (Yay!)
5) creates penalties for violation
Something about this whole credit card thing reminds me of the way tobacco companies use to “hook” students with friendly solicitations, fun events, free giveaways and the whole suggestion of engaging in “adult” activity. Greed in corporate America, it seems today, knows no bounds, not even with regard to our sons and daughters.
But there is something YOU can do. Just go to the NJ Senate site and copy senate bill S1927. Then…send it to your legislators as an example of what can be done to help change this predatory practice. You might be surprised at the support you’ll get for your efforts.
Think of all the credit you’ll get!
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