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Credit Card Restrictions At Colleges To Protect Students
Offers of free T-shirts or food to lure college students to sign up for credit cards on campus will be a thing of the past starting Jan. 1.

The Credit Card Marketing Act, signed into law by the governor Tuesday, cracks down on marketing ploys aimed at getting students to sign up for credit cards.

"Too often, credit card offers are not what they seem," said State Treasurer Alexi Giannoulias. "A free gift or lunch today can cost a student hundreds of dollars in interest years later. These marketing schemes can result in even more debt before students graduate and enter the real world."

The new law coincides with a national effort to rein in predatory credit card tactics under the federal Credit Card Bill of Rights. As of February 2010, no one under the age of 21 can get a credit card unless a parent or guardian is willing to co-sign. The person could avoid a co-signer if he or she has proof of sufficient income to cover credit obligations.

(Illinois Radio Network)
08 11 09 by Newsroom
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