Debt Relief Center.org
DebtReliefCenter.org's mission is to help consumers know the debt relief options available to them. Begin online

A fast and easy way to get your debt relief evaluation and savings estimate.
Answer a few simple questions online.
Get your free debt relief evaluation.
See how much debt relief could save you!
DebtReliefCenter.org's mission is to help consumers know the
debt relief options available to them. Begin online

Or phone
1-866-584-0769

Card Issuers Finding Ways To Students

Share this on:

Credit card companies are finding ways around the Credit CARD Act. Despite plans to curb banks from supplying credit cards to college students, many issuers are finding ways around the law.

Action taken by the Credit Card Accountability, Responsibility and Disclosure Act of 2009 was significant in attempting to prevent students from receiving credit who have no way of funding an account, according to The Wall Street Journal. A large amount of technicalities are still prevalent, and banks regularly toe the line.

The Act stops credit card issuers from promoting accounts on campus and giving students items to entice them to sign up, according to the news source. The legislation does not prevent banks from giving coupons or bonuses to young people.

In addition, the lack of clarity on what "sufficient income" is can be troublesome, the news source reported. Students under the age of 21 are not specifically instructed on how to show they have funds to pay for a credit card. In addition, young people can still have co-signers, circumventing the restrictions altogether.

Parents of college students who co-sign a card should be aware of the penalties attached to a child that gets into credit card debt in college, the news source added.

Timely articles written by the Editors at DRC

A fast and easy way to get your debt relief evaluation and savings estimate.

Debt Amount
Slide handle to set approximate debt amount.
Less debt
More debt