An End to the Credit Card Debt Cycle for College Kids?

Despite taking over $7.7 million in campaign cash from credit companies over the last few years, Congress was able to pass tough new regulations on the industry in May. That legislative package included new regulations on giving credit cards to college kids – a group that has been identified as vulnerable to identity scams due to their credit card use and is likely to rack up interest charges and other fees due to their generally bad financial habits.

With a strong case against these young adults obtaining credit cards, new regulations on the horizon and news outlets investigating what happens when people who can’t afford credit get it, one would think that the industry would take a step back.

Nope:

Credit card companies are expected to scramble this fall to sign up college students before a new federal law takes effect in February that will restrict their practices.

Hopefully next year’s freshmen will have a better chance at avoiding thousands of dollars of debt to these credit card companies when they graduate.