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
Credit card debt has shown that college college students are extremely vulnerable. Sallie Mae found the average college student carries more than $4,000 in charge card debt upon graduation, on top of their unsecured loans to finance college. Some college students focus on boosting credit scores by doing loan refinancing after school or just drop out to pay down the debts. Employers tend to take a look at credit scores which means any student who hurt it with charge card debt may be looking at a longer time before getting a good job.
Hard to now have the American Dream
The American Dream consists of going to college just to get a good job to start out right. That is now harder for the middle class to reach. It seems logical to address the spiraling cost of tuition.
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
