Marketing restrictions for credit cards coming soon

Ever been offered free stuff in exchange for applying for a credit card? Did you bite? College students are a group that’s targeted by these offers. The psychology behind it goes that college students are likely to stick to the brand of the first credit card they own.

However, with new credit card laws in play, new marketing restrictions will prevent card companies from offering credit cards to people below the age of 21.

A related rule, anyone under the age of 21 who seeks to have a credit card will be required to submit a proof of income or will require another to co-sign the application. The co-signer basically will be taking responsibility for the child’s debt.

College seniors are said to have $4,100 in credit card debt on the average. Stricter measures would probably benefit college kids to be more money-savvy.

Source: MSNBC

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