With millions of young adults across the country about to head to college this fall, whether it’s for the first time or not, a larger number are now more concerned about the state of their finances.
As a consequence, many are now saying they’re not going to use their credit cards as often, and won’t seek new accounts either, according to a report from Tampa, Florida, television station WFTS. And while new laws intended to restrict the ability of those under the age of 21 to acquire a credit card has also played a factor in the lower amount of spending, more are now being cautious as well.
“As much student loans as I have, a credit card is not good for me,” Tevna Jones, a senior at the University of South Florida, told the news station.
The new federal restrictions dictate that those under 21 must have either an adult co-signer or otherwise provide adequate proof that they have enough personal income to afford a new account before they can open one.