College students less eager to open credit card accounts

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.