Friday, Feb. 19, 2010
NEWS TIP: K-STATE PERSONAL FINANCE EXPERT SAYS NEW LAW LIMITS CREDIT CARD AVAILABILITY TO COLLEGE STUDENTS AND CAN HELP WITH DEBT MANAGEMENT
MANHATTAN -- Jodi Kaus, director of Powercat Financial Counseling at Kansas State University, is available to discuss a new federal law limiting credit card availability to young people and how it will affect some college students.
The Credit Card Accountability, Responsibility and Disclosure -- or CCARD -- Act goes into effect Monday, Feb 22. Under the new law, consumers younger than 21 can't be approved for credit cards unless they can prove they have the ability to make the required payments or they have a co-signer who has the ability to pay.
A 2008 credit usage study by student loan company Nellie Mae showed that 84 percent of undergraduates had at least one credit card, up from 76 percent in 2004. It also showed that the average number of cards per student was 4.6 and half of college students had more than that.
Kaus can discuss what students need to know to borrow smart. She may be contacted at 785-532-2889 or firstname.lastname@example.org