Credit card debt companies regulated further in Garden State
Many college students may find themselves with the burden of credit card debt once they graduate college.
In fact, a recent survey from Sallie Mae shows that the average credit card debt for graduating college seniors came to $4,100 in 2008, up from $2,900 in 2004. However, recent actions in New Jersey aim at making it bit more difficult for credit card companies to market their products to college students.
According to the Associated Press, Governor Jon Corzine signed a law that would require credit card companies to register with colleges before offering their products on campus. Furthermore, those companies would have to prove that students who signed up for a card completed a course that involves teaching them about how interest rates work.
The law also prevents credit card debt companies from offering free gifts when trying to get college students to sign on for accounts.
Along with the efforts of states like New Jersey, the federal government has taken its own actions regarding young people and credit card debt. Starting in February of next year, people under 21 will have to get a cosigner in order to apply for a card unless they can prove they have the assets to back owning one.