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Goodbye Free Stuff, Hello Better Credit Card Practices

Times have changed since I was in college, and I'm not just referring to the escalating cost of tuition. Banks hawking everything from free t-shirts and water bottles to free pizza used to set up their tables around the university center attempting to attract unknowing students to sign up for credit cards. As of February 22, 2010, those banks won't be allowed to coerce young adults with free stuff in exchange for completing credit card applications.

The uprooting of these tricky tactics is part of a farther reaching credit card reform act, which also includes a clause disallowing those under age 21 to be approved for a card without a co-signer if the applicant doesn't have proof of income. The goal is to reduce the number of students who accumulate consumer debt because they don't understand the implications of using credit irresponsibly.

Did you graduate with credit card debt that could have been prevented if you were better educated about credit?

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