Credit-card bill could hit students hardest

According to this article from The Christian Science Monitor, college students will be hit hard by the recent credit-card bill that passed in the US Senate today.

Which college expenses students buy on credit

Which college expenses students buy on credit

“On the one hand, the new law promises them the same protections it promises to the nation as a whole: more transparency, less-arbitrary rate hikes, fewer surprises in the small print. It also adds special protections for young consumers.

But may this may come at a price: less access to credit, especially among young people – precisely at a time when they are becoming more dependent upon it. Half of college students have four or more cards and are carrying an average balance of $3,173 – a record, according to the most recent survey on credit-card usage by student-loan giant Sallie Mae.”

Read the complete article:

http://features.csmonitor.com/politics/2009/05/19/credit-card-bill-could-hit-students-hardest/

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