Credit card bill aims to combat student debt

Sen. Charles Schumer (D-N.Y.) is co-sponsoring a bill to require parental consent for anyone under 21 who wants to get a credit card, in an effort to cut down on the amount of debt young people accrue.

News 12 Staff

Apr 23, 2009, 12:09 AM

Updated 5,572 days ago

Share:

Sen. Charles Schumer (D-N.Y.) is co-sponsoring a bill to require parental consent for anyone under 21 who wants to get a credit card, in an effort to cut down on the amount of debt young people accrue.
Schumer says the average college student in New York will graduate with $4,100 in credit card debt. As part of the bill, limits would be placed on credit card solicitations to students, and applicants under 21 would have to take a financial education course. The senator blames the escalating problem on easy access to credit and credit card companies bombarding students with enticing offers for pre-approved credit cards.
NYIT student Mena Yacoub says he has about $2,000 in credit card debt. He has dreams of becoming a doctor, but feels his debt looming over him.
?I don't know what to do,? Yacoub says. ?Sometimes I worry at night.?
However, some say getting the OK from parents might not make that much of a difference. Rakesh Gupta, interim dean of Adelphi University's School of Business, says many parents are also uneducated about credit card terms and the fine print. He says education is the key.
Many colleges and universities on Long Island won?t allow credit card companies to market to students on campus. However, banks are still allowed to offer other financial products like checking accounts. Schools say they can't stop banks from sending credit applications once they have a student?s address.


More from News 12
2:13
Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

Police: Fake company 'Top Line Masonry' scammed homeowners in Floral Park

1:45
Muggy Thursday with chance for storms; less humid weekend ahead

Muggy Thursday with chance for storms; less humid weekend ahead

Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

Biden delivers solemn call to defend democracy as he lays out his reasons for quitting race

Police: Teen struck by car while riding bike in Rockville Centre

Police: Teen struck by car while riding bike in Rockville Centre

1:16
Two LI natives go for gold at Summer Olympics

Two LI natives go for gold at Summer Olympics

1:56
Nassau Democrats block vote on borrowing until grant money released

Nassau Democrats block vote on borrowing until grant money released

1:43
Bay Shore Assembly of God school's sudden closure leaves parents scrambling

Bay Shore Assembly of God school's sudden closure leaves parents scrambling

2:42
'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

'Gonna save at least one.' Eastport father who lost daughter to cancer turns grief into helping others

1:26
Riverhead BOE approves plan to bring resource officers to schools

Riverhead BOE approves plan to bring resource officers to schools

0:27
Farmingdale parent files lawsuit in connection to deadly bus crash

Farmingdale parent files lawsuit in connection to deadly bus crash

0:26
Police: Suspect wanted for robbing Stop & Shop in East Meadow

Police: Suspect wanted for robbing Stop & Shop in East Meadow

0:28
Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

Police: Suspect arrested for burglarizing Macy’s at Green Acres Mall multiple times

0:18
Volunteers plant trees at Oakdale facility for people with developmental disabilities

Volunteers plant trees at Oakdale facility for people with developmental disabilities

1:45
Long Beach School Board renews talks to close elementary school following survey results

Long Beach School Board renews talks to close elementary school following survey results

0:23
Police: Third teen arrested for causing $600K in damage to Shelter Island home

Police: Third teen arrested for causing $600K in damage to Shelter Island home

1:38
Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

Optimum donates $2,500 to Henry Viscardi School following wheelchair basketball game

1:50
New mental health clinic opens at NUMC

New mental health clinic opens at NUMC

0:18
Police: 3 men wanted for stealing $6,000 worth of sunglasses in Lake Grove

Police: 3 men wanted for stealing $6,000 worth of sunglasses in Lake Grove

0:20
Big Lots to close stores nationwide, including 2 locations on Long Island

Big Lots to close stores nationwide, including 2 locations on Long Island

0:16
Riverhead police chief announces departure from department

Riverhead police chief announces departure from department