For years credit card companies have seen college students as easy marks. Impressionable freshmen can barely walk across a campus quad without being accosted by marketers hawking Visa and MasterCard accounts with high credit limits.
The result: The average college student now has 4.6 cards and a record balance of $3,173, according to a recent study by Sallie Mae. What’s more, only 17% of college students pay off their cards in full every month, meaning that a lot of scarce student resources are going to interest charges, the study found.
For many students, the days of loading up on plastic will come to a close Feb. 22, thanks to legislation passed last year. Under the new law, people under 21 will be prohibited from taking out a new credit card unless they have adult co-signers or are able to prove that they earn sufficient income to service the debt. Even college students 21 or older are likely to face fewer card pitches because the new law forbids issuers from offering free merchandise on campus or at college sporting events. Read more....
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