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Whose responsibility is it to make sure college students are not bullied by credit card

By Abha Bhattarai  |  August 25, 2010; 3:51 PM ET  | Category:  National Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati  
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Why would a credit card company give college students a credit card when they have no means of paying it. Who is more fraudulent here and irresponsible here but the companies theirself. Are not credit companies insured against default?

This is insanity for credit cards companies to do and they are not doing just to lose money so there is more to it than is being told.

Posted by: mac7 | August 26, 2010 10:34 AM

I answered "other," but my response is really "all of the above." Parents should teach their kids to watch out for marketing tactics by credit cards. Students should apply a bit of common sense. Colleges should refuse to do business with companies that try to "give" students credit with overly complicated or financially dangerous fine print. And the government should regulate the industry so that 17 or 18 year olds living away from home for the first time don't get trapped in a lifetime of debt over a simple teenage mistake.

Posted by: dkp01 | August 26, 2010 4:06 PM

In answer to Mac7, to build a relationship with the student. I got a Bank of Virginia Master Card as a college sophomore. Nearly 30 years later, I have a Master Card from their successor, Capitol One.

Posted by: Nemo24601 | August 26, 2010 5:39 PM

I agree with DKP01 - All the above.

Mac 7 - credit card companies give a student a credit card in the hopes that their parents will pay the bill. This has always been the assumption on their part.

Parents need to teach their kids about credit cards long before they leave. At least the government has banned credit card issuance to anybody less than 21 unless that person can prove sufficient income or get a signature from their parents. It is a step in the right direction.

Posted by: GenXer1 | August 30, 2010 2:24 PM

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