Under the new credit card legislation, issuers will be prohibited from enticing young adults with freebies. Consumers under the age of 21 will need parental consent to apply for credit cards unless they have the financial means to pay for them. However, despite the new restrictions, college kids are still some of the leading users of plastic. As WBEN News reports, universities are stepping up their efforts to teach students about the devastating effects of credit card debt.
Buffalo State College in New York is one of many schools that has decided to ban credit card solicitors from its campus. The faculty believes that if the temptation isn’t there, students are less likely to be inclined to charge their purchases.
“There’s to be no credit card advertising, information, or applications offered at any time,” associate director of student life at Buffalo State Sarah Velez told WBEN. “The student-run organizations … sometimes they sponsor vendors in the student union. But they’re not allowed to sponsor credit card companies either.”
Young adults struggling to pay their credit card debt can consider debt consolidation. By condensing a number of high interest rates into one, students can create more manageable monthly payments.