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Higher Ed in the News

New era for credit cards and college students

February 22, 2010

Most of the provisions of the Credit CARD Act of 2009 takes effect today. The law, signed into law last May, includes a set of changes aimed at protecting young consumers, including college students specifically, from excessive credit card debt.

Several of the key provisions designed to protect young people restrict the behavior of, and impose requirements on, credit card providers.

The law amends the Truth in Lending Act to prohibit companies from giving credit to consumers under 21 unless they have a co-signer or have submitted evidence of their ability to make the payments.


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