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Acquiring a student credit card will no longer be an easy feat, if the government has anything to do with it.
Because of the rising debt among younger adults – primarily those of college age – the new credit card legislation includes strict changes regarding how credit card companies target students.
A recent Sallie May survey shows that the average credit card debt among college seniors was $4,100 in 2008, compared to $2,900 in 2004. Sallie May also reports that the average college student has more than four cards, and that just 17 percent pay their balance in full every month.
We all remember the college years, when credit card marketers were perched around every corner, offering credit cards with lots of perks and incentives.
Student credit cards, however, will no longer be what they used to be, as of February 22, 2010. Credit card marketers can no longer lure students in with offers of freebies when they sign up for a credit card. Yep
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