There are lots of components to the Credit card Accountability, Responsibility and Disclosure (CARD) Act, and one of the big items concerns aggressive marketing of charge cards to college college students. It is becoming increasingly more costly to go to college leaving numerous graduates with cash lenders waiting to be paid and also charge card premiums that are high. Public universities are networked with 68 campuses within the SUNY system, otherwise known as SUNY. SUNY has made it so college students can think about their charge card scores safe with certain barriers put up.
SUNY says no to marketing practices
SUNY campuses have restrictions on marketing, reports CNN. The action was spearheaded by Mario Cuomo, the State Attorney General. SUNY schools can’t provide details to credit card companies for the purpose of offering cards to students, without the written prior consent of students. Also, schools cannot receive any funds for doing so. Cuomo has recommended all universities in New York schools adopt the same reforms. Universities also get to control any marketing that is happening on campus from charge cards.
Students uniquely susceptible
When in college, college students are in a vulnerable state. This is especially true when it comes to credit cards. Sallie Mae reports that the average college graduate has $4,000 in credit card debt. This is not even including loans used to pay for college. There are students that end up dropping out of college to pay down debt or go via lengthy loan refinancing in order to boost credit scores after graduation. Many employers check credit scores, and students that have had their credit score shot by cards have to put off their dream jobs even longer as a result.
American Dream is not a dream anymore
The middle class is having an even harder time of living the American Dream of going to college, getting a good job and beginning out right. The cost of tuition going up is making this harder.
Further reading
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
