The Days of Loading on Credit Card for Students to Its Close

For many students, seems the days of loading in the plastic to close on February 22, due to a bill passed last year. Under the new law, people under the age of 21 will not be allowed to bring out a new credit card, unless they have adult co-signers, or can prove that they earn sufficient income to service debt. Even the students could face less card pitches, because the new law prohibited investment bonds to provide free goods, from university campuses or sporting events.

In addition, the intention is to prevent student debt, the new law with some unexpected negative consequences. Which, even the financial norms of young people may be difficult to establish credit history, the result is to pay a higher interest rate in their first car loan or have to drum up a co-signer rent of apartment. In addition, working adults under the age of 21 will only be able to produce 20% of the income loans, which will give them a harvest rewards program.

Although the credit card company over the years have seen students as a simple marker. Only through the new campus four susceptible marketing Huojinweisa without chatting and MasterCard credit card accounts and high limits.

The results is: each College student now has 4.6 cards and record balance of 3,173 dollars according to a new study. More importantly, only 17% of the students able to pay off the card each month, which means a lot scarce resources of the students charged as the interest.