Tag Archive | “minors”

Congress Aims to Change Credit Card Rules for people Under 21

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Congress wants that it should be harder for the people under-21 to accumulate a mountain of credit card debt.

Credit card holders shall be affected by a new federal law and it will also affect people of all ages who want to have credit cards. But due to the reason that several provisions don’t take effect until February, so for many college students this could be the last semester of truly easy credit.

student-credit-card

A recent survey that has been conducted by student loan manager Sallie Mae elaborates that the average amount of debt that is being carried by undergraduate cardholders is $3,173 which has increased up to 46% from five years ago. And the average number of credit cards that are being carried by these students is five.

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September 2011
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