credit cards college students
State University Of New York Safeguards College Students From Charge Cards
Charge card marketing toward college students is discusses as one of the Charge card Accountability, Responsibility and Disclosure (CARD) Act components. It is becoming more and more expensive 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 State University of New York system, otherwise known as SUNY. SUNY has made it so college students can consider their credit card scores safe with certain barriers put up. Article source – State University of New York enacts greater protection for students against credit cards by Personal Money Store.
Marketing not loved by State University of New York
CNN explains that SUNY made it nearly impossible to market on any campuses that support SUNY. The action was spearheaded by Mario Cuomo, the State Attorney General. SUNY schools cannot provide details to charge card companies for the purpose of offering cards to college students, without the written prior consent of college students. Also, schools can’t receive any funds for doing this. Cuomo thinks that all New York universities have to have the same standards. Universities also get to control any marketing that is happening on campus from charge cards.
Students uniquely susceptible
When in college, college students are in a vulnerable state. This is especially true when it comes to credit cards. More than $4,000 in credit card debt, on top of loans to finance college, are taken out by college students as they graduate says Salle Mae. Many college students end up paying down these debts by just dropping out of school. They even get loan refinancing occasionally to help with credit scores. Many employers check credit scores, and students that have had their credit score shot by cards have to put off their dream jobs even longer as a result.
Nobody wants to get the American Dream
The American Dream of going to college, getting a good job and making a start in this world is getting further out of reach for the middle class. The cost of tuition going up is making this harder.
Further reading
CNN Money
money.cnn.com/2010/09/07/pf/college/SUNY_credit_card/index.htm
Students more wary of credit cards
Credit Cards For Fair Credit For College Students. I Have A Ok Credit. But I Need Another Credit Card.?
I would encourage you not to get any more credit cards. The money that you do make should work for you. Why use someone else’s money when yours works just fine. Start a savings account (I have mine in a high-yield Money Market Account) where you will earn interest on your money. A credit score is only useful if you are trying to get loans or more credit (or debt). Things like cars, electronics, etc. I recommend be purchased with cash, so you won’t need a credit score for these. As for a house, you can find a lender that does its own underwriting, so they ca look at things like rent history or bill payment history to determine your worthiness for a loan.
Don’t let these revolving credit accounts suck any more money out of you.